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As of January 2025, the real estate markets in Oakland and Macomb Counties, Michigan, exhibit distinct trends influenced by factors such as inventory levels, buyer demand, and pricing dynamics.
Oakland County:
- Home Prices: In November 2024, the median sale price in Oakland County was $347,000, marking a 7.4% increase compared to the same period in the previous year.
- Market Activity: Homes in the county sold after an average of 28 days on the market, indicating a slight increase in selling time.
- Inventory Levels: The number of homes for sale decreased by 12.1% from November to December 2024, suggesting a tightening market.
Macomb County:
- Home Prices: The median sale price in November 2024 was $260,000, reflecting an 8.0% year-over-year increase.
- Market Activity: Homes sold after an average of 25 days on the market, slightly longer than the previous year.
- Inventory Levels: There was an 8.6% decrease in the number of homes for sale from November to December 2024, indicating reduced inventory.
Market Outlook for 2025:
The Michigan real estate market is expected to become more favorable for buyers in the latter half of 2024, with home prices rising slowly.
In Oakland County, luxury homebuilding is booming, particularly in areas like Commerce Township, where new developments are attracting buyers seeking modern amenities.
Considerations for Buyers and Sellers:
- For Buyers: While home prices have been increasing, the anticipated shift toward a buyer’s market may offer more favorable purchasing conditions later in the year.
- For Sellers: Current market conditions suggest that well-priced homes are still attracting buyers, but the increasing days on market indicate the importance of strategic pricing and marketing.
Overall, the real estate markets in Oakland and Macomb Counties are experiencing growth in home prices, with inventory levels decreasing. Prospective buyers and sellers should monitor these trends closely and consider consulting with local real estate professionals to navigate the evolving market landscape effectively.
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