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 April 2023
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 in Royal Oak Charter Township, MI
How much do homes in Royal Oak Charter Township, MI cost?
Median Sold Price
$340,775
$270/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Royal Oak Charter Township have sold for 9.9% more than they did a year ago.
Summary: The median home sold price in Royal Oak Charter Township was $340,775 in April 2024, up 9.9% from last year, and the median price per square foot was $270.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $113K | $126.5K | +11.9% |
| 2 Bedrooms | $226.2K | $246K | +8.7% |
| 3 Bedrooms | $310K | $345K | +11.3% |
| 4 Bedrooms | $431.5K | $471K | +9.2% |
| 5+ Bedrooms | $559.7K | $740K | +32.2% |
Summary: Royal Oak Charter Township housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 11.9%, 2 bedroom homes increased by 8.7%, 3 bedroom homes increased by 11.3%, 4 bedroom homes increased by 9.2%, and 5+ bedroom homes increased by 32.2%.
Housing Supply in Royal Oak Charter Township, MI
How many homes are available in Royal Oak Charter Township, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 206 | 264 | +28.2% |
Summary: The Royal Oak Charter Township real estate market had 264 homes for sale in April 2024, a 28.2% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 8 | 10 | +25.0% |
| 2 Bedrooms | 51 | 65 | +27.5% |
| 3 Bedrooms | 105 | 140 | +33.3% |
| 4 Bedrooms | 34 | 39 | +14.7% |
| 5+ Bedrooms | 8 | 10 | +25.0% |
Summary: The Royal Oak Charter Township housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 25%, 2 bedroom homes increased by 27.5%, 3 bedroom homes increased by 33.3%, 4 bedroom homes increased by 14.7%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 74 | 83 | +12.2% |
Asking Price vs. Sold Price
15 Homes Were Sold
Under Asking
17 Homes Were Sold
At Asking
51 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. 61.4% of homes here sold above asking price last month.
Summary: A total of 83 homes were sold or pending in Royal Oak Charter Township in April 2024, up by 12.2% month-over-month. Of the 83 sold homes, 18% were sold under asking, 20% were sold at asking, and 61% were sold over asking.
Days on Market for Royal Oak Charter Township, MI
How long does it take to sell a home in Royal Oak Charter Township, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 81 Days | 20 Days | -74.6% |
Summary: Homes in Royal Oak Charter Township had an average of 20 days on market in Apr 2024, down by 74.6% compared to last year.
Breakdown of Home Sale Times
72 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
4 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 April 2024, 83 homes were sold in Royal Oak Charter Township; 87% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 5% 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.