Oakland County Home Sales Fall, Median Prices Rise

Home sales in Oakland County decreased in the first nine months of 2026, yet the median price paid for a property climbed.

Realcomp data service reports that year-to-date home sales through September fell 4.3% compared to the same period in 2025. In Farmington Hills, condominium sales dropped 10.5%, with 136 units sold against 152 in the prior year. Despite the lower volume, the median sales price for condos in Farmington Hills increased 7.6% to $282,500.

The ReMax Housing Report provides a broader view of the market across ten key communities, including Birmingham, Novi, and Troy. It states that third-quarter sales in these areas declined 4.8%. The median selling price in this group rose 4% to $440,166.

Jeanette Schneider, president of ReMax of Southeastern Michigan, attributes the price increase to limited supply despite higher inventory. She noted that buyers have more choices but are constrained by rising mortgage rates. "Sellers with homes that are priced correctly and are well-maintained are in a much better position right now," Schneider said.

Bob Kosutic, a former automotive sales professional, experienced this market dynamic directly. He sold his four-bedroom condominium in Farmington Hills for $700,000, which exceeded the $625,000 asking price. The property, purchased 26 years ago, attracted 42 open house visitors and 11 offers in one week. Kosutic noted that half of the offers were cash payments. "Every offer was above asking price," Kosutic said.

Nathan Boji, an associate broker with ReMax Classic in Farmington Hills, represented Kosutic. Boji described the detached condo as atypical due to its nearly 5,000 square feet of finished space and wooded location. He said the pricing strategy encouraged competitive bidding.

National data shows the 30-year fixed mortgage rate reached 7.4%, a three-year high. In Metro Detroit, housing inventory grew 3.1% from August to 30,295 units in September. Karen Kage, CEO of Realcomp II Ltd., stated that over 14,000 new listings entered the market in September, giving buyers more options while prices remained strong.