Residential Real Estate Profile

PDF of Residential Real Estate Profile

Residential Sales 2012-2017*

Residential Sales 2012-2017

Monthly Median Sales Price

Population and Demographics

Population (2015)                                        1,242,304
Households                                                      497,891
Average Household Size                                      2.47

Population Growth Forecast
2015-2020	0.3%
2020-2025	0.2%
2025-2030	0.8%

Household Growth Forecast
2015-2020	1.6%
2020-2025	0.4%
2025-2030	0.5%

Source: U.S. Census Bureau; SEMCOG Regional Forecast

Residential Sales (Monthly)

	April 2016	April 2017
Median Sales Price	$220,000	$221,000
Closed Sales	5,098	3,195
Average Days on Market	48	35

Source: Realcomp II LTD

Housing Characteristics

	Detroit MSA	Oakland County
Housing Units (2015)	1,895,784	535,305
Occupied	88.3%	93.0%
Owner-occupied	1,139,107	348,195
Renter-occupied	535,144	149,624
Vacant	11.7%	7.0%

Source: U.S. Census Bureau

Residential Sales (Year to Date, to April)

	2016	2017
Median Sales Price	$212,000	$225,000
Closed Sales	17,211	17,553
Average Days on Market	43	40

Source: Realcomp II LTD

Residential Permits

	2015	2016	2017
Single Family Permits	2,046	1,996	465
Condo/Multi Family Permits	715	922	94
Total Demolitions	536	392	172
Net Permits	2,225	2,526	378

Source: SEMCOG Residential Permits

Top 10 Communities - Net New Units Permitted, 2016

Community	Total	Community	Total
Rochester Hills	369	Orion Twp	178
Lyon Twp	310	Oakland Twp	72
Commerce Twp	225	Troy	70
Oxford Twp	225	Independence Twp	65
Novi	223	Auburn Hills	62

Source: SEMCOG Residential Permits

Oakland County - Economic Development and Community Affairs
Market Research (25 May 2017)