Is Oak Park, 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, Oak Park has remained a Seller's Market.
Housing Prices in Oak Park, MI
How much do homes in Oak Park, MI cost?
Median Sold Price
$222,750
$171/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Oak Park was $222,750 in May 2024, up 8.7% from last year, and the median price per square foot was $171.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | - | N/A |
2 Bedrooms | $130K | $134K | +3.1% |
3 Bedrooms | $207K | $223K | +7.7% |
4 Bedrooms | $244.5K | $300K | +22.7% |
5+ Bedrooms | $312K | $275K | -11.9% |
Summary: Oak Park 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 3.1%, 3 bedroom homes increased by 7.7%, 4 bedroom homes increased by 22.7%, and 5+ bedroom homes decreased by 11.9%.
Median Sold Price Compared To Nearby Cities
Pleasant Ridge | $440K | $500K | +13.6% |
Oak Park | $205K | $222.7K | +8.7% |
Berkley | $300K | $325K | +8.3% |
Royal Oak Charter Township | $315K | $339.8K | +7.9% |
Huntington Woods | $445.9K | $467.5K | +4.8% |
Housing Supply in Oak Park, MI
How many homes are available in Oak Park, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
71 | 72 | +1.4% |
Summary: The Oak Park real estate market had 72 homes for sale in May 2024, a 1.4% 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 | 6 | 7 | +16.7% |
3 Bedrooms | 57 | 56 | -1.8% |
4 Bedrooms | 6 | 6 | 0.0% |
5+ Bedrooms | 2 | 3 | +50.0% |
Summary: The Oak Park 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 16.7%, 3 bedroom homes decreased by 1.8%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
25 | 30 | +20.0% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
19 Homes Were Sold
Over Asking
Summary: A total of 30 homes were sold or pending in Oak Park in May 2024, up by 20.0% month-over-month. Of the 30 sold homes, 23% were sold under asking, 13% were sold at asking, and 63% were sold over asking.
Days on Market for Oak Park, MI
How long does it take to sell a home in Oak Park, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
26 Days | 31 Days | +20.2% |
Summary: Homes in Oak Park had an average of 31 days on market in May 2024, up by 20.2% compared to last year.
Breakdown of Home Sale Times
23 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During May 2024, 30 homes were sold in Oak Park; 77% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.