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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Royal Oak Charter Township is a 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

+$47,857(+16.6%)

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

# BEDSAug 2022Aug 2023CHANGE
1 $106K$123K
+16.0%
2 $200.5K$242K
+20.7%
3 $290K$338.2K
+16.6%
4 $590K$470K
-20.3%
5+ -$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.

Median Sold Price Compared To Nearby Cities

Royal Oak Charter Township
+16.6%
Ferndale
-0.1%
Oak Park
-2.8%

Housing Supply

How many homes are available in Royal Oak Charter Township, MI?

Number of Homes For Sale

Jul 2023Aug 2023CHANGE
314326+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

# BEDSJul 2023Aug 2023CHANGE
1 910
+11.1%
2 6973
+5.8%
3 160169
+5.6%
4 6966
-4.3%
5+ 78
+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 2023Aug 2023CHANGE
108105-2.8%

Asking Price vs. Sold Price

39 Homes Were Sold
Under Asking

20 Homes Were Sold
At Asking

46 Homes Were Sold
Over Asking

Asking vs Sold - buyer

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

Breakdown of Home Sale Times

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.

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

Report Updated 27 Days Ago

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Nearby Markets

What housing markets are near Royal Oak Charter Township, MI?