Is Royal Oak, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2022
Since last year, Royal Oak has remained a Seller's Market.
Key Takeaway
Royal Oak is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Royal Oak, MI
How much do homes in Royal Oak, MI cost?
Median Sold Price
$334,537
$266/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2022
Key Takeaway
Homes in Royal Oak have sold for 6.2% more than they did a year ago.
Summary: The median home sold price in Royal Oak was $334,537 in November 2023, up 6.2% from last year, and the median price per square foot was $266.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $117.7K | $121.9K | +3.5% |
| 2 Bedrooms | $235.5K | $242K | +2.8% |
| 3 Bedrooms | $314.3K | $338.7K | +7.8% |
| 4 Bedrooms | $475K | $470K | -1.1% |
| 5+ Bedrooms | $570.5K | $659.7K | +15.6% |
Summary: Royal Oak housing prices by bedroom type for November 2023 compared to the previous year: The home price of 1 bedroom homes increased by 3.5%, 2 bedroom homes increased by 2.8%, 3 bedroom homes increased by 7.8%, 4 bedroom homes decreased by 1.1%, and 5+ bedroom homes increased by 15.6%.
Housing Supply in Royal Oak, MI
How many homes are available in Royal Oak, MI?
Number of Homes For Sale
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 260 | 238 | -8.5% |
Summary: The Royal Oak real estate market had 238 homes for sale in November 2023, a 8.5% decrease compared to October 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 12 | 11 | -8.3% |
| 2 Bedrooms | 57 | 57 | 0.0% |
| 3 Bedrooms | 134 | 124 | -7.5% |
| 4 Bedrooms | 49 | 40 | -18.4% |
| 5+ Bedrooms | 8 | 6 | -25.0% |
Summary: The Royal Oak housing inventory by bedroom type for November 2023 compared to the previous month: The inventory of 1 bedroom homes decreased by 8.3%, 2 bedroom homes remained the same, 3 bedroom homes decreased by 7.5%, 4 bedroom homes decreased by 18.4%, and 5+ bedroom homes decreased by 25%.
Number of Homes Sold
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 92 | 75 | -18.5% |
Asking Price vs. Sold Price
44 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
25 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Royal Oak, you may be able to get a good deal. 58.7% of homes here sold below asking price last month.
Summary: A total of 75 homes were sold or pending in Royal Oak in November 2023, down by 18.5% month-over-month. Of the 75 sold homes, 59% were sold under asking, 8% were sold at asking, and 33% were sold over asking.
Days on Market for Royal Oak, MI
How long does it take to sell a home in Royal Oak, MI?
Average Sale Time
| Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|
| 22 Days | 18 Days | -14.7% |
Summary: Homes in Royal Oak had an average of 18 days on market in Nov 2023, down by 14.7% compared to last year.
Breakdown of Home Sale Times
59 Homes Were Sold
Under 30 Days
15 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Royal Oak are selling fast, if you're buying plan to act quickly.
Summary: During November 2023, 75 homes were sold in Royal Oak; 79% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 1% of homes were sold over 90 days.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS. Copyright MiRealSource.