Home sales in North Oakland County were down in 2022 compared to 2021, but prices were up significantly. I believe the 2 main reasons the unit sales are down are the interest rates and the lack of inventory. There were over 2100 sales last year but only 279 active listings on March 15. Last August there was close to 500 active listings, and that is still low. I will be writing a blog post about the absorption rate and link it to this page.
Prices in North Oakland County were up 8 1/2% from 2021 and up 28% ($126K) from 2018. So far this year (first quarter) prices are up from 2022 and units are down.
Though it is still a seller’s market, the average time on the market has doubled- from 30 days in 2022 to 64 days through the first 2 months of 2023. This doesn’t mean that there aren’t still some bidding wars or a rush of showings and offers the day it hits the market. But that’s not every house or even most houses. Even last year, the average time on the market was still a month. Probably a little longer in reality since many for sale by owner houses were added to the MLS as a sale if the buyer was brought to the transaction by a Realtor. The numbers I’m using are averages and 64 days is still a quick sale in most markets that were considered good/excellent at the time. As you can see by the chart to the right, this year's time on the market is really more back to a normal seller's market.
Below are some charts and a list of the townships I used to delineate North Oakland County.
Data from Realcomp MLS and does not include vacant land or commercial real estate. For the area I named North Oakland I searched Groveland, Springfield, Independence/Clarkston, Brandon/Ortonville, Orion/Lake Orion, Oxford, Addison and Leonard