Is Royal Oak, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since July 2021
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.
How much do homes in Royal Oak, MI cost?
Median Sold Price
$304,571
$245/sqft
Based on all homes sold in the last 12 months.
Difference Since July 2021
+$34,263(+12.7%)
Key Takeaway
Homes in Royal Oak have sold for 12.7% more than they did a year ago.
Median Sold Price By Bedroom Count
| # BEDS | Jul 2021 | Jul 2022 | % |
|---|---|---|---|
| 1 Bedroom | $90K | $106.5K | +18.3% |
| 2 Bedrooms | $195K | $215K | +10.3% |
| 3 Bedrooms | $275K | $309.7K | +12.6% |
| 4 Bedrooms | $400K | $482.5K | +20.6% |
| 5+ Bedrooms | $420K | $520K | +23.8% |
How many homes are available in Royal Oak, MI?
Number of Homes For Sale
| Jun 2022 | Jul 2022 | % |
|---|---|---|
| 396 | 393 | -0.8% |
Homes For Sale By Bedroom Count
| # BEDS | Jun 2022 | Jul 2022 | % |
|---|---|---|---|
| 1 Bedroom | 10 | 11 | +10.0%  |
| 2 Bedrooms | 78 | 83 | +6.4% |
| 3 Bedrooms | 243 | 233 | -4.1% |
| 4 Bedrooms | 62 | 62 | 0.0% |
| 5+ Bedrooms | 3 | 4 | +33.3% |
Number of Homes Sold
| Jun 2022 | Jul 2022 | % |
|---|---|---|
| 134 | 84 | -37.3% |
Asking Price vs. Sold Price
31 Homes Were Sold
Under Asking
20 Homes Were Sold
At Asking
33 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Royal Oak, you could pay more than the asking price. 39.3% of homes here sold above asking price last month.
Average Sale Time
| Jul 2021 | Jul 2022 | % |
|---|---|---|
| 14 Days | 20 Days | +42.5% |
Breakdown of Home Sale Times
69 Homes Were Sold
Under 30 Days
14 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.
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.