$3,700,000
2.59 Acres
Land
Michael Hermiz, Listing Office: RE/MAX New Trend
Is Orchard Lake Village, 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, Orchard Lake Village has remained a Seller's Market.
Key Takeaway
Orchard Lake Village is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Orchard Lake Village, MI
How much do homes in Orchard Lake Village, MI cost?
Median Sold Price
$1,126,000
$323/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$176,000(+18.5%)
Key Takeaway
Homes in Orchard Lake Village have sold for 18.5% more than they did a year ago.
Summary: The median home sold price in Orchard Lake Village was $1,126,000 in October 2024, up 18.5% from last year, and the median price per square foot was $323.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $335K | - | N/A |
| 3 Bedrooms | - | $925K | N/A |
| 4 Bedrooms | $860K | $647.5K | -24.7% |
| 5+ Bedrooms | $1.6M | $4.3M | +171.9% |
Summary: Orchard Lake Village housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes did not change, 4 bedroom homes decreased by 24.7%, and 5+ bedroom homes increased by 171.9%.
Median Sold Price Compared To Nearby Cities
| Orchard Lake Village | $950K | $1.1M | +18.5% |
| West Bloomfield | $400K | $414.8K | +3.7% |
| West Bloomfield Charter Township | $400K | $412.1K | +3.0% |
| Keego Harbor | $225K | $160.4K | -28.7% |
Housing Supply in Orchard Lake Village, MI
How many homes are available in Orchard Lake Village, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 7 | 6 | -14.3% |
Summary: The Orchard Lake Village real estate market had 6 homes for sale in October 2024, a 14.3% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 0 | 0 | 0.0% |
| 3 Bedrooms | 2 | 1 | -50.0% |
| 4 Bedrooms | 2 | 1 | -50.0% |
| 5+ Bedrooms | 3 | 4 | +33.3% |
Summary: The Orchard Lake Village housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes decreased by 50%, 4 bedroom homes decreased by 50%, and 5+ bedroom homes increased by 33.3%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 2 | 2 | 0.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Orchard Lake Village, you may be able to get a good deal. 100% of homes here sold below asking price last month.
Summary: A total of 2 homes were sold or pending in Orchard Lake Village in October 2024, the same as the previous month. Of the 2 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.
Days on Market for Orchard Lake Village, MI
How long does it take to sell a home in Orchard Lake Village, MI?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 48 Days | 45 Days | -5.2% |
Summary: Homes in Orchard Lake Village had an average of 45 days on market in Oct 2024, down by 5.2% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Orchard Lake Village has remained consistent over time.
Summary: During October 2024, 2 homes were sold in Orchard Lake Village; 0% of homes were sold within 30 days, 100% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
