In this Oakland County Market Report, you’ll find the average home price, months of inventory, list to close ratio, average prices per square foot, the total number of sales and listings, volume of sales and listings and more information you might use in a real estate decision for the area. Please call Joshua Norber Team at 248-785-3737 to buy or sell real estate in Oakland County or Metro Detroit.

You can view the entire Metro Detroit Real Estate Market Report Here.

Tabletop has rocks and plant next to a yellow piece of paper with the words market report spelled out beneath a magnifying glass, and more words on the table spell out Oakland County Norber Real Estate Group Housing Market News.

Demographics

Oakland County, Michigan encompasses 907 square miles and is home to 1.242 million people as of 2015. With hundreds of lakes and waterways, Oakland County offers excellent waterfront living, all sports lakes, lake access and canal housing along with a myriad of outdoor and water-based activities. Oakland County is the highest-income Michigan location by per capita income.

🤸 Things to do

📈 Market Highlights

The major news for the overall Metro Detroit Housing Market has been an inventory shortage. While this is true, it remains a seller’s market in Oakland County. The number of Oakland County homes sold increased from last month’s 1,654 single-family homes sold to 1,760 at the end of July 2018. This is an increase of 3.7% from last year when 1,698 homes sold in Oakland County.

There were 370 condo homes sold in Oakland County, up 17.1% year-over-year from July 2017.

The Oakland County median sales price increased 1.8% from July 2017 to $267,225 with single-family homes sales averaging $320,513 by the end of July 2018.

🏡 Recent Homes Sales

For more information on recent home sales in Oakland County, contact Joshua Norber or call 248.785.3737.

Find Out What Your Home is Worth Now – FREE INSTANT HOME CALCULATOR

Active Listing Volume

Month Active Listings, $ Volume
Jan $3,804,732,268
Feb $3,806,004,654
Mar $4,050,444,760
Apr $4,485,225,292
May $5,108,345,915
Jun $5,515,233,829
Jul $5,865,738,307
Month Active Listings, Number of
Jan 3,916
Feb 3,760
Mar 3,743
Apr 4,080
May 4,772
Jun 5,135
Jul 5,600

Close Price to List Price Ratio

Month Close Price to List Price Ratio
Jan 98.7%
Feb 98.5%
Mar 99.9%
Apr 100.0%
May 100.0%
Jun 100.0%
Jul 100.0%

Average Days to Sell

Month Days to Sell, Average
Jan 40
Feb 45
Mar 40
Apr 34
May 27
Jun 24
Jul 24

Expired Listings

Month Expired Listings, Number of
Jan 2,787
Feb 2,465
Mar 2,640
Apr 2,499
May 2,144
Jun 2,672
Jul 2,453

How does a listing expire in a Seller’s Market?

There are many reasons that cause homes not to sell. There could be competition in the neighborhood that is priced more attractive or that shows better. Sometimes the best features of a home are not highlighted, and this means missed opportunities. Homes with pets or renters can present a host of problems. I find in many of our Metro Detroit areas that homes that are not updated or cluttered are very common.

If you’ve had your home for sale and you’re frustrated not selling it, the most likely answer is you need a more experienced agent. Let Joshua Norber know right away or call 248.785.3737 now.

Oakland County Expired Listings Graph shows 2,453 expired listings in July 2018.
There were 2,453 listings that ran out of their contract at the end of July 2018.

List Price by Sq Ft Ratio

Month List Price by SqFt Ratio
Jan $131
Feb $137
Mar $148
Apr $149
May $150
Jun $149
Jul $145

 

Average List Price

Month List Price, Average
Jan $303,388
Feb $319,256
Mar $350,857
Apr $348,385
May $341,058
Jun $342,164
Jul $325,927

Median List Price

Month List Price, Median
Jan $229,900
Feb $235,000
Mar $259,900
Apr $275,000
May $269,900
Jun $259,900
Jul $254,900

 

Months of Inventory

Month Months of Inventory
Jan 3
Feb 3
Mar 2
Apr 2
May 2
Jun 2
Jul 2

 

Number of New Listings

Month Number of New Listings
Jan 2,192
Feb 2,125
Mar 3,110
Apr 3,276
May 4,080
Jun 4,076
Jul 3,999

Median Sales Price

Month Sale Price, Median
Jan $179,950
Feb $182,500
Mar $195,000
Apr $208,438
May $230,000
Jun $222,477
Jul $226,000

 

Sales Volume

Month Sales, $ Volume
Jan $280,961,135
Feb $305,756,674
Mar $426,001,244
Apr $464,100,949
May $614,011,894
Jun $606,034,218
Jul $628,863,097

 

Total Sales

Month Sales, Number of
Jan 1,304
Feb 1,367
Mar 1,839
Apr 1,961
May 2,334
Jun 2,381
Jul 2,452

 

Recent Listings in Oakland County

If you enjoyed the May Oakland County Market Report, you may like the August 2018 Market Report for Metro Detroit.

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