$10,000 Closing Credit*
$1,150,000
2,925 SqFt
4 Beds
•3 Full Baths, 1 Partial
Margo A Borkin, Listing Office: Real Estate One-WB/FH
Is Royal Oak, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 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
$344,948
$217/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$5,948(+1.8%)
Key Takeaway
Homes in Royal Oak have sold for 1.8% more than they did a year ago.
Summary: The median home sold price in Royal Oak was $344,948 in November 2024, up 1.8% from last year, and the median price per square foot was $217.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $121.9K | $125K | +2.5% |
| 2 Bedrooms | $248K | $268.5K | +8.3% |
| 3 Bedrooms | $340K | $348.4K | +2.5% |
| 4 Bedrooms | $465K | $507.5K | +9.1% |
| 5+ Bedrooms | $720K | $787.5K | +9.4% |
Summary: Royal Oak housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2.5%, 2 bedroom homes increased by 8.3%, 3 bedroom homes increased by 2.5%, 4 bedroom homes increased by 9.1%, and 5+ bedroom homes increased by 9.4%.
Housing Supply in Royal Oak, MI
How many homes are available in Royal Oak, MI?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 322 | 308 | -4.3% |
Summary: The Royal Oak real estate market had 308 homes for sale in November 2024, a 4.3% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 19 | 21 | +10.5% |
| 2 Bedrooms | 63 | 55 | -12.7% |
| 3 Bedrooms | 181 | 175 | -3.3% |
| 4 Bedrooms | 47 | 43 | -8.5% |
| 5+ Bedrooms | 12 | 14 | +16.7% |
Summary: The Royal Oak housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 10.5%, 2 bedroom homes decreased by 12.7%, 3 bedroom homes decreased by 3.3%, 4 bedroom homes decreased by 8.5%, and 5+ bedroom homes increased by 16.7%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 88 | 85 | -3.4% |
Asking Price vs. Sold Price
40 Homes Were Sold
Under Asking
12 Homes Were Sold
At Asking
33 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. 47.1% of homes here sold below asking price last month.
Summary: A total of 85 homes were sold or pending in Royal Oak in November 2024, down by 3.4% month-over-month. Of the 85 sold homes, 47% were sold under asking, 14% were sold at asking, and 39% 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
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 20 Days | 27 Days | +35.2% |
Summary: Homes in Royal Oak had an average of 27 days on market in Nov 2024, up by 35.2% compared to last year.
Breakdown of Home Sale Times
58 Homes Were Sold
Under 30 Days
22 Homes Were Sold
In 30 - 90 Days
5 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 November 2024, 85 homes were sold in Royal Oak; 68% of homes were sold within 30 days, 26% of homes were sold within 30 to 90 days, and 6% 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.