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

It’s still a seller’s market in Oakland County. While the Real Estate Market has focused on the shortage of houses for sale in Metro Detroit, the number of Oakland County homes sold increased from last month’s 1,612 single-family homes sold to 1,654 for June 2018. This is still down 11.5% from last year when 1,868 homes sold in Oakland County.

There were 354 condo homes sold in Oakland County, up 7.6% year-over-year from June 2017.

The Oakland County median sales price increased 7.7% from June 2017 to $280,000 with single-family homes sales averaging $322,780 by the end of June 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 $1,694,937,899
Feb $1,691,255,877
Mar $1,807,367,695
Apr $1,998,778,654
May $2,278,472,779
Month Active Listings, Number of
Jan 3,900
Feb 3,738
Mar 3,715
Apr 4,026
May 4,644

Close Price to List Price Ratio

Month Close Price to List Price Ratio
Jan 98.2%
Feb 98.6%
Mar 99.4%
Apr 100.0%
May 100.0%

 

Average Days to Sell

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

 

Expired Listings

Month Expired Listings, Number of
Jan 2,787
Feb 2,465
Mar 2,640
Apr 2,504
May 2,145

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 2,145 expired listings in May 2018.
There were 2,145 listings that ran out of their contract at the end of May 2018.

List Price by Sq Ft Ratio

Month List Price by SqFt Ratio
Jan $131
Feb $137
Mar $148
Apr $149
May $151

Average List Price

Month List Price, Average
Jan $302,569
Feb $319,255
Mar $351,680
Apr $348,939
May $344,324

Median List Price

Month List Price, Median
Jan $229,900
Feb $234,950
Mar $259,900
Apr $274,900
May $270,000

Months of Inventory

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

Number of New Listings

Month Number of New Listings
Jan 2,190
Feb 2,124
Mar 3,109
Apr 3,267
May 4,062

 

Median Sales Price

Month Sale Price, Median
Jan $179,950
Feb $182,500
Mar $195,000
Apr $209,092
May $232,750

Sales Volume

Month Sales, $ Volume
Jan $280,961,135
Feb $305,140,574
Mar $424,610,744
Apr $459,060,234
May $604,335,819

Total Sales

Month Sales, Number of
Jan 1,304
Feb 1,365
Mar 1,829
Apr 1,934
May 2,278

Recent Listings in Oakland County

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

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