$4,144 Closing Credit*
$349,000
1,277 SqFt
3 Beds
•1 Full Bath
Rimi Hirmiz, Listing Office: Community Choice Realty Inc
Is Royal Oak, 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, 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
$345,000
$277/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$10,020(+3.0%)
Key Takeaway
Homes in Royal Oak have sold for 3% more than they did a year ago.
Summary: The median home sold price in Royal Oak was $345,000 in October 2024, up 3% from last year, and the median price per square foot was $277.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $114.5K | $127.4K | +11.3% |
| 2 Bedrooms | $253K | $260K | +2.8% |
| 3 Bedrooms | $335.8K | $347.6K | +3.5% |
| 4 Bedrooms | $435K | $493.4K | +13.4% |
| 5+ Bedrooms | $720K | $802.5K | +11.5% |
Summary: Royal Oak housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 11.3%, 2 bedroom homes increased by 2.8%, 3 bedroom homes increased by 3.5%, 4 bedroom homes increased by 13.4%, and 5+ bedroom homes increased by 11.5%.
Housing Supply in Royal Oak, MI
How many homes are available in Royal Oak, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 302 | 336 | +11.3% |
Summary: The Royal Oak real estate market had 336 homes for sale in October 2024, a 11.3% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 15 | 20 | +33.3% |
| 2 Bedrooms | 61 | 66 | +8.2% |
| 3 Bedrooms | 167 | 186 | +11.4% |
| 4 Bedrooms | 48 | 50 | +4.2% |
| 5+ Bedrooms | 11 | 14 | +27.3% |
Summary: The Royal Oak housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes increased by 8.2%, 3 bedroom homes increased by 11.4%, 4 bedroom homes increased by 4.2%, and 5+ bedroom homes increased by 27.3%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 89 | 77 | -13.5% |
Asking Price vs. Sold Price
39 Homes Were Sold
Under Asking
13 Homes Were Sold
At Asking
25 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Royal Oak, you may be able to get a good deal. 50.6% of homes here sold below asking price last month.
Summary: A total of 77 homes were sold or pending in Royal Oak in October 2024, down by 13.5% month-over-month. Of the 77 sold homes, 51% were sold under asking, 17% were sold at asking, and 32% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 18 Days | 18 Days | -2.8% |
Summary: Homes in Royal Oak had an average of 18 days on market in Oct 2024, down by 2.8% compared to last year.
Breakdown of Home Sale Times
63 Homes Were Sold
Under 30 Days
13 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Royal Oak are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 77 homes were sold in Royal Oak; 82% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 1% 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. 
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.