Oakland County, Michigan/Advantage Oakland/Business/Residential Real Estate Profile

Residential Real Estate Profile

 Residential Sales 2012-2017*

Residential Sales 2012-2017

 Monthly Median Sales Price

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

 

Independ​​ence Twp

65

Novi

223

 

Auburn Hills

62


Source: SEMCOG Residential Permits

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