Is Oakland County, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Oakland County has remained a Seller's Market.
Key Takeaway
Oakland County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Oakland County, MI
How much do homes in Oakland County, MI cost?
Median Sold Price
$334,716
$205/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Oakland County have sold for 3% more than they did a year ago.
Summary: The median home sold price in Oakland County was $334,716 in May 2024, up 3% from last year, and the median price per square foot was $205.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $109.9K | $125K | +13.7% |
| 2 Bedrooms | $203.1K | $215.8K | +6.2% |
| 3 Bedrooms | $295.2K | $312.4K | +5.8% |
| 4 Bedrooms | $469.8K | $495K | +5.4% |
| 5+ Bedrooms | $637.2K | $706.6K | +10.9% |
Summary: Oakland County housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13.7%, 2 bedroom homes increased by 6.2%, 3 bedroom homes increased by 5.8%, 4 bedroom homes increased by 5.4%, and 5+ bedroom homes increased by 10.9%.
Median Sold Price Compared To Nearby Counties
| Washtenaw County | $368.9K | $393.8K | +6.8% |
| Macomb County | $229.2K | $240.2K | +4.8% |
| Livingston County | $350K | $365.2K | +4.4% |
| Wayne County | $179.1K | $184.9K | +3.2% |
| Oakland County | $324.8K | $334.7K | +3.0% |
Housing Supply in Oakland County, MI
How many homes are available in Oakland County, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 3,803 | 4,427 | +16.4% |
Summary: The Oakland County real estate market had 4,427 homes for sale in May 2024, a 16.4% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 74 | 78 | +5.4% |
| 2 Bedrooms | 719 | 768 | +6.8% |
| 3 Bedrooms | 1,696 | 1,927 | +13.6% |
| 4 Bedrooms | 1,064 | 1,316 | +23.7% |
| 5+ Bedrooms | 250 | 338 | +35.2% |
Summary: The Oakland County housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 5.4%, 2 bedroom homes increased by 6.8%, 3 bedroom homes increased by 13.6%, 4 bedroom homes increased by 23.7%, and 5+ bedroom homes increased by 35.2%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 1,219 | 1,276 | +4.7% |
Asking Price vs. Sold Price
409 Homes Were Sold
Under Asking
197 Homes Were Sold
At Asking
669 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Oakland County, you could pay more than the asking price. 52.5% of homes here sold above asking price last month.
Summary: A total of 1,276 homes were sold or pending in Oakland County in May 2024, up by 4.7% month-over-month. Of the 1,275 sold homes, 32% were sold under asking, 15% were sold at asking, and 52% were sold over asking.
Days on Market for Oakland County, MI
How long does it take to sell a home in Oakland County, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 23 Days | 17 Days | -25.5% |
Summary: Homes in Oakland County had an average of 17 days on market in May 2024, down by 25.5% compared to last year.
Breakdown of Home Sale Times
1,088 Homes Were Sold
Under 30 Days
150 Homes Were Sold
In 30 - 90 Days
38 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Oakland County are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 1276 homes were sold in Oakland County; 85% of homes were sold within 30 days, 12% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
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