Is Royal Oak, 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, 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
$344,259
$271/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Royal Oak was $344,259 in April 2024, up 9.3% from last year, and the median price per square foot was $271.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $112K | $127.5K | +13.8% |
2 Bedrooms | $230K | $247K | +7.4% |
3 Bedrooms | $315K | $345.9K | +9.8% |
4 Bedrooms | $480K | $472K | -1.7% |
5+ Bedrooms | $587.2K | $740K | +26.0% |
Summary: Royal Oak housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13.8%, 2 bedroom homes increased by 7.4%, 3 bedroom homes increased by 9.8%, 4 bedroom homes decreased by 1.7%, and 5+ bedroom homes increased by 26%.
Housing Supply in Royal Oak, MI
How many homes are available in Royal Oak, MI?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
198 | 254 | +28.3% |
Summary: The Royal Oak real estate market had 254 homes for sale in April 2024, a 28.3% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 8 | 9 | +12.5% |
2 Bedrooms | 48 | 63 | +31.3% |
3 Bedrooms | 100 | 134 | +34.0% |
4 Bedrooms | 34 | 38 | +11.8% |
5+ Bedrooms | 8 | 10 | +25.0% |
Summary: The Royal Oak housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 12.5%, 2 bedroom homes increased by 31.3%, 3 bedroom homes increased by 34%, 4 bedroom homes increased by 11.8%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
71 | 82 | +15.5% |
Asking Price vs. Sold Price
14 Homes Were Sold
Under Asking
17 Homes Were Sold
At Asking
51 Homes Were Sold
Over Asking
Summary: A total of 82 homes were sold or pending in Royal Oak in April 2024, up by 15.5% month-over-month. Of the 82 sold homes, 17% were sold under asking, 21% were sold at asking, and 62% 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
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
81 Days | 20 Days | -74.6% |
Summary: Homes in Royal Oak had an average of 20 days on market in Apr 2024, down by 74.6% compared to last year.
Breakdown of Home Sale Times
71 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Summary: During April 2024, 82 homes were sold in Royal Oak; 87% of homes were sold within 30 days, 9% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.