03/21/2025
๐ค Whatโs happening in the Oakland County housing market?
The February numbers are in, and they reveal some interesting trends for single-family homes:
โค ๐๐๐๐๐๐ฃ ๐๐๐ก๐ ๐๐ง๐๐๐: $351,627 (+0.6% over February 2024). The median sale price has risen by 5.25% year-to-date over the same period last year.
โค ๐ผ๐ซ๐๐ง๐๐๐ ๐ฟ๐๐ฎ๐จ ๐ค๐ฃ ๐๐๐ง๐ ๐๐ฉ: 35 days (no change to February 2024).
โค ๐๐๐ฌ ๐๐๐จ๐ฉ๐๐ฃ๐๐จ: 910 (-7% to February 2024).
โค ๐๐ค๐ฃ๐ฉ๐๐จ ๐ค๐ ๐๐ช๐ฅ๐ฅ๐ก๐ฎ ๐ค๐ ๐๐ฃ๐ซ๐๐ฃ๐ฉ๐ค๐ง๐ฎ: 1.4 months (+7.7% over February 2024). A balanced market between buyers and sellers falls between 4 and 6 months of supply.
โค ๐พ๐ก๐ค๐จ๐๐ ๐๐๐ก๐๐จ: 669 (-12% to February 2024).
โค ๐๐๐ง๐๐๐ฃ๐ฉ ๐ค๐ ๐๐๐จ๐ฉ ๐๐ง๐๐๐๐จ ๐๐๐๐๐๐ซ๐๐: 99% (slightly down from 99.4% in February 2024).
๐ ๐๐๐ ๐๐๐ ๐๐๐ฌ๐๐ฎ๐จ:
The Oakland County market remains tight, with low inventory continuing to drive competition among buyers and price growth.
While the median sale price edged up, the decline in new listings and closed sales signals an overall slower market. This is likely because elevated home prices and higher interest rates are dampening market activityโฆand, letโs face it, so is the political and economic volatility.
๐๐ค๐ง ๐จ๐๐ก๐ก๐๐ง๐จ, well-priced, well-prepared homes are attracting multiple offers. Buyers are gravitating toward homes that are clean and well-maintained - not necessarily newly updated, but free of major issues. High construction and repair costs are making buyers hesitant to take on properties that need significant work, so addressing any obvious maintenance issues before listing will maximize your sale price.
๐๐ค๐ง ๐๐ช๐ฎ๐๐ง๐จ, limited inventory means being prepared to move quickly when the right opportunity arises. Working with an experienced realtor (๐๐ปโโ๏ธ) and lender is critical to success in this market.
As always, I'm here for any questions!
