Is Royal Oak, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since February 2023
Since last year, Royal Oak has remained a Seller's Market.
Housing Prices in Royal Oak, MI
How much do homes in Royal Oak, MI cost?
Median Sold Price
$340,000
$269/sqft
Based on all homes sold in the last 12 months.
Difference Since February 2023
Summary: The median home sold price in Royal Oak was $340,000 in February 2024, up 7.3% from last year, and the median price per square foot was $269.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Feb 2023 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $113K | $121.9K | +7.9% |
2 Bedrooms | $230K | $243.5K | +5.9% |
3 Bedrooms | $315K | $342.4K | +8.7% |
4 Bedrooms | $485K | $472K | -2.7% |
5+ Bedrooms | $566K | $741K | +30.9% |
Summary: Royal Oak housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 7.9%, 2 bedroom homes increased by 5.9%, 3 bedroom homes increased by 8.7%, 4 bedroom homes decreased by 2.7%, and 5+ bedroom homes increased by 30.9%.
Housing Supply in Royal Oak, MI
How many homes are available in Royal Oak, MI?
Number of Homes For Sale
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
203 | 200 | -1.5% |
Summary: The Royal Oak real estate market had 200 homes for sale in February 2024, a 1.5% decrease compared to January 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Jan 2024 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 4 | 7 | +75.0% |
2 Bedrooms | 47 | 42 | -10.6% |
3 Bedrooms | 102 | 104 | +2.0% |
4 Bedrooms | 43 | 39 | -9.3% |
5+ Bedrooms | 7 | 8 | +14.3% |
Summary: The Royal Oak housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 75%, 2 bedroom homes decreased by 10.6%, 3 bedroom homes increased by 2%, 4 bedroom homes decreased by 9.3%, and 5+ bedroom homes increased by 14.3%.
Number of Homes Sold
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
65 | 70 | +7.7% |
Asking Price vs. Sold Price
33 Homes Were Sold
Under Asking
11 Homes Were Sold
At Asking
26 Homes Were Sold
Over Asking
Summary: A total of 70 homes were sold or pending in Royal Oak in February 2024, up by 7.7% month-over-month. Of the 70 sold homes, 47% were sold under asking, 16% were sold at asking, and 37% were sold over asking.
Days on Market for Royal Oak, MI
How long does it take to sell a home in Royal Oak, MI?
Average Sale Time
Feb 2023 | Feb 2024 | CHANGE |
---|---|---|
26 Days | 29 Days | +12.5% |
Summary: Homes in Royal Oak had an average of 29 days on market in Feb 2024, up by 12.5% compared to last year.
Breakdown of Home Sale Times
52 Homes Were Sold
Under 30 Days
12 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Summary: During February 2024, 70 homes were sold in Royal Oak; 74% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.