Is Royal Oak, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Royal Oak is a 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

# BEDSJul 2021Jul 2022%
1 $90K$106.5K
+18.3%
2 $195K$215K
+10.3%
3 $275K$309.7K
+12.6%
4 $400K$482.5K
+20.6%
5+ $420K$520K
+23.8%

Median Sold Price Compared To Nearby Cities

Royal Oak
+12.7%
Clawson
+11.2%
Berkley
+10.0%
Pleasant Ridge
+7.8%
Huntington Woods
-0.1%

How many homes are available in Royal Oak, MI?

Number of Homes For Sale

Jun 2022Jul 2022%
396393-0.8%

Homes For Sale By Bedroom Count

# BEDSJun 2022Jul 2022%
1 1011
+10.0%
2 7883
+6.4%
3 243233
-4.1%
4 6262
0.0%
5+ 34
+33.3%

Number of Homes Sold

Jun 2022Jul 2022%
13484-37.3%

Asking Price vs. Sold Price

31 Homes Were Sold
Under Asking

20 Homes Were Sold
At Asking

33 Homes Were Sold
Over Asking

Asking vs Sold - buyer

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 2021Jul 2022%
14 Days20 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

Breakdown of Home Sale Times

Key Takeaway

Many homes in Royal Oak are selling fast, if you're buying plan to act quickly.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

About Royal Oak, MI

There are 393 homes are for sale in Royal Oak, MI real estate market. Between June 2022 and July 2022, Royal Oak, MI real estate market has seen decrease in the number of listings by 0.8%. In July 2022, listings were on the market for 20 days. During the same period, the median list price in this real estate market was $304,571. Between June 2022 and July 2022, listing prices of homes in this real estate market have seen the following changes: prices of 1 bedroom properties went up by 18.3%, prices of 2 bedrooms properties went up by 10.3%, prices of 3 bedrooms properties went up by 12.6%, the cost of 4 bedrooms properties went up by 20.6%, 5 bedrooms properties prices increased by 23.8%. Volume of homes for sale in this real estate market have seen the following changes: the quantity of 1 bedroom homes went up by 10%, the quantity of 2 bedrooms homes went up by 6.4%, the quantity of 3 bedrooms homes went down by 4.1%, 4 bedrooms homes inventory did not change, the quantity of 5 bedrooms homes went up by 33.3%. Royal Oak, MI housing market in July 2022 saw over 33 listings sold above listed price, more than 20 sold at listed price and over 31 sold below.

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