Is Oakland, 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, Oakland has remained a Seller's Market.
Key Takeaway
Oakland is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Oakland, MI
How much do homes in Oakland, MI cost?
Median Sold Price
$680,000
$231/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Oakland have sold for 3.4% more than they did a year ago.
Summary: The median home sold price in Oakland was $680,000 in May 2024, up 3.4% from last year, and the median price per square foot was $231.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $180K | $345K | +91.7% |
| 3 Bedrooms | $414.5K | $426.1K | +2.8% |
| 4 Bedrooms | $732.5K | $672.5K | -8.2% |
| 5+ Bedrooms | $955K | $910K | -4.7% |
Summary: Oakland housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 91.7%, 3 bedroom homes increased by 2.8%, 4 bedroom homes decreased by 8.2%, and 5+ bedroom homes decreased by 4.7%.
Median Sold Price Compared To Nearby Cities
| Oakland | $657.5K | $680K | +3.4% |
| Addison Township | $355K | $364.5K | +2.7% |
| Oakland Charter Township | $595K | $600K | +0.8% |
| Washington | $429.5K | $425K | -1.1% |
| Orion Charter Township | $383.8K | $377K | -1.8% |
Housing Supply in Oakland, MI
How many homes are available in Oakland, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 23 | 35 | +52.2% |
Summary: The Oakland real estate market had 35 homes for sale in May 2024, a 52.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 1 | 2 | +100.0% |
| 3 Bedrooms | 4 | 5 | +25.0% |
| 4 Bedrooms | 12 | 21 | +75.0% |
| 5+ Bedrooms | 6 | 7 | +16.7% |
Summary: The Oakland housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 100%, 3 bedroom homes increased by 25%, 4 bedroom homes increased by 75%, and 5+ bedroom homes increased by 16.7%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 2 | 11 | +450.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Oakland, expect to pay close to the asking price. 54.5% of homes here sold near the asking price last month.
Summary: A total of 11 homes were sold or pending in Oakland in May 2024, up by 450.0% month-over-month. Of the 11 sold homes, 27% were sold under asking, 55% were sold at asking, and 18% were sold over asking.
Days on Market for Oakland, MI
How long does it take to sell a home in Oakland, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 31 Days | 27 Days | -13.9% |
Summary: Homes in Oakland had an average of 27 days on market in May 2024, down by 13.9% compared to last year.
Breakdown of Home Sale Times
9 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Oakland are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 11 homes were sold in Oakland; 82% of homes were sold within 30 days, 9% of homes were sold within 30 to 90 days, and 9% 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. Copyright MiRealSource. 
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.