Oakland County Housing Market Moves to Balanced Conditions as Inventory Climbs 15%

Oakland County's real estate market is shifting, according to The Oakland Press. A sellers' market has given way to balanced conditions as available properties grew 15% this year compared to last year. Southeast Michigan saw a 10% jump in listings during the same period, according to Karen Kage, CEO of RealComp.

The median price for existing properties in southeast Michigan hit $270,000 in December, up 5.9% over December 2024. Oakland County's median price rose less than 1%, to $360,000. These figures were shared by The Oakland Press.

Steve Stockton, a board member for RealComp, Michigan's largest multiple-listing service, said the market has seen 29 consecutive months of value increases nationally. "I don't remember a month since COVID where we haven't gone up month over month," Stockton said, as reported by The Oakland Press.

Mortgage rates are sitting around 6.2% for a 30-year fixed loan and 5.6% for 15-year loans as of late Thursday. Few expect rates to fall below 6% this year.

The typical homebuyer is 60 years old. The median age for first-time buyers hit an all-time high of 40, up from 33 in 2021 and 29 in 1991. "The hardest issue is finding starter homes that younger people can buy," Stockton said to The Oakland Press. "To finally hit 40 as the average first-time buyer's age is just crazy."

Novi, Northville and South Lyon represent the hottest markets where builders are working. Existing properties are selling in Milford, Highland, and White Lake townships. Birmingham and Bloomfield Hills remain popular. Lakeside properties stay in high demand.

Southeast Michigan now has three to four months of inventory, up from six weeks in 2015. A balanced market needs five to seven months of supply, Stockton noted, as per The Oakland Press.

More listings mean sellers are waiting on inspection results, offering warranties again, and negotiating prices more than in recent years. Updated properties sell faster. Dated listings sit longer on the market.

The average time on the market went up by two days to 43 days. Kage said buyers who have more choices are more confident in their offers, according to The Oakland Press.

National sales rose in December by half a percent from November but were down 1% compared to December 2024, according to the National Association of Realtors.