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.
Key Takeaway
Royal Oak Charter Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
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
Key Takeaway
Homes in Royal Oak Charter Township have sold for 16.6% more than they did a year ago.
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
Key Takeaway
If you're buying a home in Royal Oak Charter Township, you could pay more than the asking price. 43.8% of homes here sold above asking price last month.
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
Key Takeaway
Many homes in Royal Oak Charter Township are selling fast, if you're buying plan to act quickly.
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.
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.