Oakland County Market Report
The 4 Housing Markets in Oakland County Right Now: Which One Are You In?
Cash buyers, financed buyers, locked-in owners, and builders, measured with local GreaterMLS data.
$400,000
Median Single-Family Price
18.3%
Sales Paid in Cash
2.4 Months
Supply of Homes
100.0%
Of List Price
TL;DR
Oakland County's housing market is really four markets running at once. Cash buyers made up 18.3% of single-family sales over the past year, well below the 26% national figure, but nearly a third of sales under $220,000. Financed buyers dominate the middle, where only about 1 in 7 buyers paid cash. Locked-in owners are slowly returning, with new listings up 5.5%. Homes built since 2010 account for only about 1 in 10 sales. Knowing which group you're in changes how you should buy or sell.
Ask ten Oakland County homeowners how the market is doing and you'll get ten different answers. They're all a little right. A recent national analysis from Keeping Current Matters split today's market into four groups: cash buyers, financed buyers, owners locked into low rates, and builders. It's a useful way to think about where you stand, but national averages don't tell you much about Farmington Hills, Novi, or Bloomfield Hills.
If you're sizing up the market with ChatGPT, Gemini, or Perplexity, these are the questions buyers and sellers ask most often. Copy any of them to go deeper.
Buyer: "What percentage of home sales in Oakland County, Michigan are cash?"
Buyer: "How do I compete with cash buyers on an entry-level home in Michigan?"
Buyer: "Is Oakland County a seller's market right now?"
Seller: "Should I sell my house if I have a low mortgage rate?"
Seller: "How much equity do I need to buy my next home in cash?"
Buyer: "Are new construction homes a good deal in Oakland County?"
So I pulled the numbers for Oakland County from GreaterMLS. Over 24 years and more than 700 closed transactions here, I've learned to check the national headlines against our own numbers before repeating them. Some of what I found surprised me.
Oakland County at a Glance
For single-family homes over the 12 months ending August 2026, GreaterMLS InfoSparks shows a median sale price of $400,000 (up 2.8%), a median of 15 days on market, 2.4 months of supply, and a median sale at 100.0% of list price. There were 12,498 sales, up 0.7%, and 18,353 new listings, up 5.5%. With supply well under the roughly 5 to 6 months typically considered balanced, Oakland County remains a seller's market.
Market 1: Cash buyers
Nationally, 26% of existing-home sales this summer were all cash, according to the National Association of REALTORS®. Oakland County runs well below that. Of 12,383 single-family homes sold in the 12 months ending September 23, 2026, GreaterMLS records show 2,264 paid in cash, or 18.3%.
Where cash buyers show up depends heavily on price. They cluster at both ends of the market, and most of all at the entry level.
| Price Range | Sales | Cash Sales | Cash Share |
|---|---|---|---|
| $219,999 and under | 1,591 | 486 | 30.5% |
| $220,000 to $488,999 | 6,277 | 859 | 13.7% |
| $489,000 and up | 4,515 | 919 | 20.4% |
| All single-family sales | 12,383 | 2,264 | 18.3% |
Source: GreaterMLS, Oakland County single-family residences sold 9/23/2025 to 9/23/2026, by recorded financing type. The middle range is the county total minus the other two ranges. Figures reflect sales where agents recorded the financing type.
That bottom row is the one I'd want a first-time buyer to see. Under $220,000, nearly 1 in 3 of the people you're competing against can pay cash, and many of them are investors or downsizers. A financed offer can still win there. It just has to show up strong, with a full pre-approval, a solid deposit, and clean terms.
If you're selling, a cash offer is worth more than its price suggests. It takes the financing and appraisal risk off the table, so I always have sellers compare the whole offer before they fall for the highest number.
Market 2: Financed buyers
Here's the part of the data I keep coming back to. More than 8 in 10 Oakland County single-family buyers financed their purchase, and in the $220,000 to $488,999 range, where most local sales happen, only about 1 in 7 paid cash.
So when rates move, our market feels it more than the national cash figure would lead you to expect. Financed buyers are competing in a market where the median home sold at 100.0% of list price in a median of 15 days, so being ready to act quickly counts. For how rate changes affect a monthly payment, see What Falling Mortgage Rates Mean for Oakland County Buyers and Sellers.
My advice to buyers in this range is simple. Get fully pre-approved before you tour, not after you find the house, and ask whether you qualify for down payment help from the Michigan State Housing Development Authority. Sellers should remember who's on the other side of the table. When most of your buyers are financing, an appraiser has a say in your price, and pricing with that in mind keeps a good deal from coming apart three weeks in.
Not sure which market you're in? Let's look at your price range and your neighborhood together.
Call or Text 248-790-5594Market 3: Locked-in owners
About 2 in 3 homeowners nationally have a mortgage rate under 5%, according to Federal Housing Finance Agency data. Giving up that rate is a big reason many owners stay put.
Oakland County's new listings show the effect clearly. In early 2023, about 20,000 single-family homes were coming on the market each year. That fell to roughly 16,000 in 2024. It has since climbed back to 18,353, up 5.5% from a year ago, but it's still below the early-2023 level. Some owners are moving again, just not as many as before.
Michigan adds a second reason to stay. When you buy your next home, its taxable value uncaps, so your new property tax bill is often higher than the one you pay today.
Still, the owners who do list are doing well. The median Oakland County home has sold at 100.0% of list price for three straight years. If you've owned for a while, your equity may be larger than you think, and plenty of move-up buyers use it for a bigger down payment or even a cash purchase. For buyers, there's an upside here too. A seller who lists in this environment usually has a real reason to move, and that can open the door to flexibility on dates or terms.
Pro Tip for Locked-In Owners
Before you decide your rate is too good to leave, compare your whole monthly cost today with your likely cost in the next home, including the new property tax bill after uncapping. For some owners the difference is smaller than expected, especially when equity lowers the new loan amount. I can help you run that comparison with real local numbers. Here's how I help sellers in Farmington Hills.
Market 4: Builders and newer homes
Newer homes are a small slice of Oakland County's market. Homes built in 2010 or later accounted for 1,215 single-family sales in the 12 months ending August 2026, down 2.3%, or about 1 in 10 of the county's 12,498 sales. That figure includes resales of newer homes as well as brand-new construction.
With fewer existing homes coming up for sale, builders fill part of the gap, especially in communities like Novi, Wixom, and Commerce Township. Because builders are reluctant to cut base prices, they often compete with incentives such as closing cost help or mortgage rate buydowns.
If you're shopping new construction, treat the builder's incentive as an opening offer, not a gift. Compare it with an outside lender's quote, bring your own agent on the very first visit, and hire your own inspector. I walk through all of it in the 7 pros and cons of new construction homes. And if you own a newer home in a subdivision where the builder is still selling, know that your competition is a brand-new house with incentives attached. That's when pricing and presentation have to be sharp.
Illustrative Example
A first-time buyer with an FHA pre-approval bids on a $210,000 ranch and loses to a cash investor. They shift their search to the $240,000 to $280,000 range, where far fewer buyers pay cash, and win a home on their second offer with a strong pre-approval letter and a short inspection period.
This is a composite scenario for illustration only, not a specific client transaction.
Tom's Honest Take
The national headline says 1 in 4 buyers pays cash. In Oakland County, it's closer to 1 in 5 overall, and about 1 in 7 in the price range where most people buy. That's why I pay close attention to rates and pre-approvals for my buyers, and why sellers here should price with the appraisal in mind.
What I take from all of this is that there's no single answer to "how's the market?" A first-time buyer at $210,000, a move-up seller in Farmington Hills, and a family touring new construction in Novi are all in different markets right now. The right move depends on which one is yours.
Key Takeaways
Cash buyers made up 18.3% of Oakland County single-family sales over the past year, compared with 26% nationally, and 30.5% of sales under $220,000.
Financed buyers are the county's biggest market. Between $220,000 and $488,999, only 13.7% of buyers paid cash.
New listings rose 5.5% to 18,353 but remain below early-2023 levels, a sign that locked-in owners are only slowly returning.
Homes built in 2010 or later made up about 1 in 10 sales, and the market overall remains a seller's market at 2.4 months of supply and 100.0% of list price.
Tom Gilliam, a REALTOR® with RE/MAX Classic in Farmington Hills, Michigan, analyzed GreaterMLS data showing that 18.3% of Oakland County single-family sales over the past year were cash purchases, compared with 26% nationally. The cash share was 30.5% under $220,000, 13.7% from $220,000 to $488,999, and 20.4% at $489,000 and up. Oakland County's single-family median price was $400,000 for the 12 months ending August 2026, with 2.4 months of supply, 15 median days on market, and sales at 100.0% of list price.
Frequently Asked Questions
What percentage of Oakland County home sales are cash?
About 18.3% of single-family sales in the 12 months ending September 23, 2026, according to GreaterMLS records. That's below the 26% national figure NAR reported for this summer.
Where are cash buyers most common in Oakland County?
At the entry level. About 30.5% of single-family homes that sold for $219,999 or less were cash purchases, compared with 13.7% in the $220,000 to $488,999 range and 20.4% at $489,000 and up.
Is Oakland County a seller's market?
Yes. Single-family supply was 2.4 months for the 12 months ending August 2026, well below the roughly 5 to 6 months usually considered balanced, and the median home sold at 100.0% of list price.
Are more Oakland County homeowners selling now?
Somewhat. New single-family listings rose 5.5% to 18,353 over the past year, but that's still below the roughly 20,000 a year listed in early 2023.
How can a financed buyer compete with cash offers?
Get fully pre-approved, offer a solid earnest money deposit, keep contingency periods short, and consider price ranges where fewer buyers pay cash, such as $220,000 to $488,999 in Oakland County.
How common are newer homes in Oakland County sales?
Homes built in 2010 or later made up 1,215 of 12,498 single-family sales in the 12 months ending August 2026, about 1 in 10.
Recommended Reading
6 Negotiation Mistakes That Cost Farmington Hills Buyers a Winning Deal
About the Author
Tom Gilliam is a REALTOR® and Luxury Estate Marketing Specialist with RE/MAX Classic in Farmington Hills, Michigan. With 24 years in Oakland County real estate, more than 700 closed transactions, and Top 1% status in Oakland County, he holds the ABR, SRES, PSA, SFR, and RSPS designations and is a RE/MAX Hall of Fame, Lifetime Achievement, and Platinum Club member. Call or text 248-790-5594.
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