Oakland County’s luxury home market booming

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Oakland County is a luxury homebuyer’s dream for a number of reasons, Realtors agree. It is ideally positioned near big cities such as Detroit and airports but the county also offers cities that feel rural or suburban. The housing stock is extremely diverse with everything from high-end lofts to 100-year-old homes to new construction. It also is home to top-tier educational institutions and close to Michigan’s best universities.

Residential real estate in Oakland County, especially at the luxury level, also will benefit in the next year because Michigan is likely to gain new residents from cities including Chicago and New York who are looking for quieter lifestyles or may be downsizing as they look to retire, Realtors said.

Nationwide, new home sales and housing starts have hit their highest levels since 2006. Even more telling is that the supply of homes for sale is down to its lowest level since the 1970s. According to Goldman Sachs Research,…

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