$500,000
96.00 Acres
Land
Lanie Hardy, Listing Office: KW Domain
Is Oakland County, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 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
$348,548
$211/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$18,300(+5.5%)
Key Takeaway
Homes in Oakland County have sold for 5.5% more than they did a year ago.
Summary: The median home sold price in Oakland County was $348,548 in October 2024, up 5.5% from last year, and the median price per square foot was $211.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $115K | $129.9K | +13.0% |
| 2 Bedrooms | $215K | $223.9K | +4.1% |
| 3 Bedrooms | $302K | $324.2K | +7.3% |
| 4 Bedrooms | $481.1K | $519.6K | +8.0% |
| 5+ Bedrooms | $650.8K | $745.7K | +14.6% |
Summary: Oakland County housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13%, 2 bedroom homes increased by 4.1%, 3 bedroom homes increased by 7.3%, 4 bedroom homes increased by 8%, and 5+ bedroom homes increased by 14.6%.
Median Sold Price Compared To Nearby Counties
| Macomb County | $230.5K | $252.8K | +9.7% |
| Wayne County | $179.7K | $190.5K | +6.0% |
| Washtenaw County | $383.8K | $406K | +5.8% |
| Oakland County | $330.2K | $348.5K | +5.5% |
| Livingston County | $365K | $375K | +2.7% |
Housing Supply in Oakland County, MI
How many homes are available in Oakland County, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 4,455 | 4,721 | +6.0% |
Summary: The Oakland County real estate market had 4,721 homes for sale in October 2024, a 6.0% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 75 | 82 | +9.3% |
| 2 Bedrooms | 789 | 850 | +7.7% |
| 3 Bedrooms | 1,965 | 2,091 | +6.4% |
| 4 Bedrooms | 1,292 | 1,335 | +3.3% |
| 5+ Bedrooms | 334 | 363 | +8.7% |
Summary: The Oakland County housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 9.3%, 2 bedroom homes increased by 7.7%, 3 bedroom homes increased by 6.4%, 4 bedroom homes increased by 3.3%, and 5+ bedroom homes increased by 8.7%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 1,264 | 1,209 | -4.4% |
Asking Price vs. Sold Price
577 Homes Were Sold
Under Asking
201 Homes Were Sold
At Asking
431 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Oakland County, you may be able to get a good deal. 47.7% of homes here sold below asking price last month.
Summary: A total of 1,209 homes were sold or pending in Oakland County in October 2024, down by 4.4% month-over-month. Of the 1,209 sold homes, 48% were sold under asking, 17% were sold at asking, and 36% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 23 Days | 26 Days | +12.5% |
Summary: Homes in Oakland County had an average of 26 days on market in Oct 2024, up by 12.5% compared to last year.
Breakdown of Home Sale Times
874 Homes Were Sold
Under 30 Days
275 Homes Were Sold
In 30 - 90 Days
60 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 October 2024, 1209 homes were sold in Oakland County; 72% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
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The data relating to real estate on this web site comes in part from the Internet Data Exchange Program of the Northern Michigan MLS (NM-MLS). The listings displayed come from various NM-MLS. member offices who have chosen to participate in NM-MLSX IDX, the detailed information The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing about said listings includes the listing office information. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither the site hosting broker(s), nor the listing broker or NM-MLS, or this broker shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless. © 2024 NM-MLS. All rights reserved