4 Scotts Photography

🤔 What’s happening in the Oakland County housing market?

The February numbers are in, and they reveal some interesting trends for single-family homes:

➤ 𝙈𝙚𝙙𝙞𝙖𝙣 𝙎𝙖𝙡𝙚 𝙋𝙧𝙞𝙘𝙚: $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.

➤ 𝘼𝙫𝙚𝙧𝙖𝙜𝙚 𝘿𝙖𝙮𝙨 𝙤𝙣 𝙈𝙖𝙧𝙠𝙚𝙩: 35 days (no change to February 2024).

➤ 𝙉𝙚𝙬 𝙇𝙞𝙨𝙩𝙞𝙣𝙜𝙨: 910 (-7% to February 2024).

➤ 𝙈𝙤𝙣𝙩𝙝𝙨 𝙤𝙛 𝙎𝙪𝙥𝙥𝙡𝙮 𝙤𝙛 𝙄𝙣𝙫𝙚𝙣𝙩𝙤𝙧𝙮: 1.4 months (+7.7% over February 2024). A balanced market between buyers and sellers falls between 4 and 6 months of supply.

➤ 𝘾𝙡𝙤𝙨𝙚𝙙 𝙎𝙖𝙡𝙚𝙨: 669 (-12% to February 2024).

➤ 𝙋𝙚𝙧𝙘𝙚𝙣𝙩 𝙤𝙛 𝙇𝙞𝙨𝙩 𝙋𝙧𝙞𝙘𝙚𝙨 𝙍𝙚𝙘𝙚𝙞𝙫𝙚𝙙: 99% (slightly down from 99.4% in February 2024).

📉 𝙏𝙝𝙚 𝙏𝙖𝙠𝙚𝙖𝙬𝙖𝙮𝙨:

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 activity…and, let’s face it, so is the political and economic volatility.

𝙁𝙤𝙧 𝙨𝙚𝙡𝙡𝙚𝙧𝙨, 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.

𝙁𝙤𝙧 𝙗𝙪𝙮𝙚𝙧𝙨, limited inventory means being prepared to move quickly when the right opportunity arises. Working with an experienced realtor (🙋🏻‍♀️) and lender is critical to success in this market.

As always, I'm here for any questions!