Is Royal Oak Charter Township, 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, Royal Oak Charter Township has remained a Seller's Market.
Housing Prices in Royal Oak Charter Township, MI
How much do homes in Royal Oak Charter Township, MI cost?
Median Sold Price
$339,854
$269/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Royal Oak Charter Township was $339,854 in May 2024, up 7.9% from last year, and the median price per square foot was $269.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $112K | $126K | +12.4% |
2 Bedrooms | $226.6K | $246K | +8.5% |
3 Bedrooms | $315K | $344.6K | +9.4% |
4 Bedrooms | $450K | $470K | +4.4% |
5+ Bedrooms | $559.7K | $725K | +29.5% |
Summary: Royal Oak Charter Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 12.4%, 2 bedroom homes increased by 8.5%, 3 bedroom homes increased by 9.4%, 4 bedroom homes increased by 4.4%, and 5+ bedroom homes increased by 29.5%.
Housing Supply in Royal Oak Charter Township, MI
How many homes are available in Royal Oak Charter Township, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
252 | 314 | +24.6% |
Summary: The Royal Oak Charter Township real estate market had 314 homes for sale in May 2024, a 24.6% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 10 | 14 | +40.0% |
2 Bedrooms | 63 | 60 | -4.8% |
3 Bedrooms | 136 | 184 | +35.3% |
4 Bedrooms | 36 | 42 | +16.7% |
5+ Bedrooms | 7 | 14 | +100.0% |
Summary: The Royal Oak Charter Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 40%, 2 bedroom homes decreased by 4.8%, 3 bedroom homes increased by 35.3%, 4 bedroom homes increased by 16.7%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
89 | 97 | +9.0% |
Asking Price vs. Sold Price
27 Homes Were Sold
Under Asking
17 Homes Were Sold
At Asking
53 Homes Were Sold
Over Asking
Summary: A total of 97 homes were sold or pending in Royal Oak Charter Township in May 2024, up by 9.0% month-over-month. Of the 97 sold homes, 28% were sold under asking, 18% were sold at asking, and 55% were sold over asking.
Days on Market for Royal Oak Charter Township, MI
How long does it take to sell a home in Royal Oak Charter Township, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
15 Days | 15 Days | 0.2% |
Summary: Homes in Royal Oak Charter Township had an average of 15 days on market in May 2024, up by 0.2% compared to last year.
Breakdown of Home Sale Times
84 Homes Were Sold
Under 30 Days
10 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Summary: During May 2024, 97 homes were sold in Royal Oak Charter Township; 87% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.