Is Oak Park, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Oak Park has remained a Seller's Market.
Housing Prices in Oak Park, MI
How much do homes in Oak Park, MI cost?
Median Sold Price
$215,000
$171/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Oak Park was $215,000 in April 2024, up 3.4% from last year, and the median price per square foot was $171.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | - | N/A |
2 Bedrooms | $125.2K | $134K | +7.0% |
3 Bedrooms | $212K | $215.5K | +1.7% |
4 Bedrooms | $247.5K | $282K | +13.9% |
5+ Bedrooms | $312K | $300K | -3.8% |
Summary: Oak Park housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 7%, 3 bedroom homes increased by 1.7%, 4 bedroom homes increased by 13.9%, and 5+ bedroom homes decreased by 3.8%.
Median Sold Price Compared To Nearby Cities
Pleasant Ridge | $425K | $495K | +16.5% |
Royal Oak Charter Township | $310K | $340.7K | +9.9% |
Huntington Woods | $427.4K | $462.5K | +8.2% |
Berkley | $300K | $323K | +7.7% |
Oak Park | $208K | $215K | +3.4% |
Housing Supply in Oak Park, MI
How many homes are available in Oak Park, MI?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
76 | 72 | -5.3% |
Summary: The Oak Park real estate market had 72 homes for sale in April 2024, a 5.3% decrease compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 9 | 5 | -44.4% |
3 Bedrooms | 58 | 57 | -1.7% |
4 Bedrooms | 7 | 9 | +28.6% |
5+ Bedrooms | 2 | 1 | -50.0% |
Summary: The Oak Park housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 44.4%, 3 bedroom homes decreased by 1.7%, 4 bedroom homes increased by 28.6%, and 5+ bedroom homes decreased by 50%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
31 | 23 | -25.8% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Summary: A total of 23 homes were sold or pending in Oak Park in April 2024, down by 25.8% month-over-month. Of the 23 sold homes, 52% were sold under asking, 13% were sold at asking, and 35% were sold over asking.
Days on Market for Oak Park, MI
How long does it take to sell a home in Oak Park, MI?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
70 Days | 31 Days | -55.8% |
Summary: Homes in Oak Park had an average of 31 days on market in Apr 2024, down by 55.8% compared to last year.
Breakdown of Home Sale Times
16 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During April 2024, 23 homes were sold in Oak Park; 70% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.