Is Royal Oak Charter Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since August 2022
Since last year, Royal Oak Charter Township has remained a Seller's Market.
Housing Prices
How much do homes in Royal Oak Charter Township, MI cost?
Median Sold Price
$335,357
$266/sqft
Based on all homes sold in the last 12 months.
Difference Since August 2022
Summary: The median home sold price in Royal Oak Charter Township was $335,357 in August 2023, up 16.6% from last year, and the median price per square foot was $266.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Aug 2022 | Aug 2023 | CHANGE |
---|---|---|---|
1 Bedroom | $106K | $123K | +16.0% |
2 Bedrooms | $200.5K | $242K | +20.7% |
3 Bedrooms | $290K | $338.2K | +16.6% |
4 Bedrooms | $590K | $470K | -20.3% |
5+ Bedrooms | - | $720K | N/A |
Summary: Royal Oak Charter Township housing prices by bedroom type for August 2023 compared to the previous year: The home price of 1 bedroom homes increased by 16%, 2 bedroom homes increased by 20.7%, 3 bedroom homes increased by 16.6%, 4 bedroom homes decreased by 20.3%, and 5+ bedroom homes did not change.
Housing Supply
How many homes are available in Royal Oak Charter Township, MI?
Number of Homes For Sale
Jul 2023 | Aug 2023 | CHANGE |
---|---|---|
314 | 326 | +3.8% |
Summary: The Royal Oak Charter Township real estate market had 326 homes for sale in August 2023, a 3.8% increase compared to July 2023.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Jul 2023 | Aug 2023 | CHANGE |
---|---|---|---|
1 Bedroom | 9 | 10 | +11.1% |
2 Bedrooms | 69 | 73 | +5.8% |
3 Bedrooms | 160 | 169 | +5.6% |
4 Bedrooms | 69 | 66 | -4.3% |
5+ Bedrooms | 7 | 8 | +14.3% |
Summary: The Royal Oak Charter Township housing inventory by bedroom type for August 2023 compared to the previous month: The inventory of 1 bedroom homes increased by 11.1%, 2 bedroom homes increased by 5.8%, 3 bedroom homes increased by 5.6%, 4 bedroom homes decreased by 4.3%, and 5+ bedroom homes increased by 14.3%.
Number of Homes Sold
Jul 2023 | Aug 2023 | CHANGE |
---|---|---|
108 | 105 | -2.8% |
Asking Price vs. Sold Price
39 Homes Were Sold
Under Asking
20 Homes Were Sold
At Asking
46 Homes Were Sold
Over Asking
Summary: A total of 105 homes were sold or pending in Royal Oak Charter Township in August 2023, down by 2.8% month-over-month. Of the 105 sold homes, 37% were sold under asking, 19% were sold at asking, and 44% were sold over asking.
Days on Market
How long does it take to sell a home in Royal Oak Charter Township, MI?
Breakdown of Home Sale Times
89 Homes Were Sold
Under 30 Days
16 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During August 2023, 105 homes were sold in Royal Oak Charter Township; 85% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.