Is Royal Oak, 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, Royal Oak has remained a Seller's Market.
Key Takeaway
Royal Oak is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Royal Oak, MI
How much do homes in Royal Oak, MI cost?
Median Sold Price
$340,958
$271/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Royal Oak have sold for 7.8% more than they did a year ago.
Summary: The median home sold price in Royal Oak was $340,958 in May 2024, up 7.8% from last year, and the median price per square foot was $271.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $111.1K | $126K | +13.4% |
| 2 Bedrooms | $226.2K | $247K | +9.2% |
| 3 Bedrooms | $315K | $345.7K | +9.7% |
| 4 Bedrooms | $456K | $470K | +3.1% |
| 5+ Bedrooms | $559.7K | $725K | +29.5% |
Summary: Royal Oak housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13.4%, 2 bedroom homes increased by 9.2%, 3 bedroom homes increased by 9.7%, 4 bedroom homes increased by 3.1%, and 5+ bedroom homes increased by 29.5%.
Housing Supply in Royal Oak, MI
How many homes are available in Royal Oak, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 243 | 300 | +23.5% |
Summary: The Royal Oak real estate market had 300 homes for sale in May 2024, a 23.5% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 9 | 14 | +55.6% |
| 2 Bedrooms | 61 | 57 | -6.6% |
| 3 Bedrooms | 131 | 174 | +32.8% |
| 4 Bedrooms | 35 | 41 | +17.1% |
| 5+ Bedrooms | 7 | 14 | +100.0% |
Summary: The Royal Oak housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 55.6%, 2 bedroom homes decreased by 6.6%, 3 bedroom homes increased by 32.8%, 4 bedroom homes increased by 17.1%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 88 | 96 | +9.1% |
Asking Price vs. Sold Price
26 Homes Were Sold
Under Asking
17 Homes Were Sold
At Asking
53 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Royal Oak, you could pay more than the asking price. 55.2% of homes here sold above asking price last month.
Summary: A total of 96 homes were sold or pending in Royal Oak in May 2024, up by 9.1% month-over-month. Of the 96 sold homes, 27% were sold under asking, 18% were sold at asking, and 55% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 15 Days | 15 Days | +0.8% |
Summary: Homes in Royal Oak had an average of 15 days on market in May 2024, up by 0.8% compared to last year.
Breakdown of Home Sale Times
83 Homes Were Sold
Under 30 Days
10 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Royal Oak are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 96 homes were sold in Royal Oak; 86% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.
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.