Royal Oak, MI Home Values & Market Trends
Real estate market trends reflect that there have been 1,233 transactions over the past year in Royal Oak. The median value for residential home transactions that occurred over the previous year is $323,328.13. The number of current listings in Royal Oak is 88, and the percentage of properties for sale in the city is 88.00%. Royal Oak, MI currently has 16 properties in foreclosure, 3 bank owned properties, 13 properties headed for auction, and 88 properties for sale.
Royal Oak, MI Real Estate Market Overview
Housing Market Summary for Royal Oak, MI
| Apr 2023 | March 2024 | Change | |
|---|---|---|---|
| Median Listing Price | $367K | $317.8K | -13.41% |
| Median Sold Price | $306.7K | $317.8K | 3.61% |
| Homes For Sale | 106 | 81 | -23.58% |
| Homes Sold | 716 | 655 | -8.52% |
Price Per Square Foot
On an average, Single Family homes cost $33 more per sqft than Condos. In comparison with sales price/sqft last week, list price/sqft of Single Family homes increased by 1.93% whereas, list price/sqft of Condos increased by 9.38%.
Recently Sold Homes
Explore recent offers and recently sold homes in Royal Oak, MI
Browse Homes in Royal Oak, MI
Royal Oak home values range from $37,940 to $2,197,642. The median estimated value of a home in Royal Oak is $323,328.13. The median list price of a home is 345,000, and the total count of properties in the city is 23,975.
- Pre-ForeclosurePre-foreclosure homes account for 0% of all residential properties in Royal Oak, MI with $[pre-foreclosures-highest-count-region] containing 0 pre-foreclosures, the highest number of pre-foreclosure properties in a single zip. There are 3 zips within Royal Oak, MI; of those zips, the estimated home value for pre-foreclosure homes ranges from $0 in N/A to the lowest home value of $0 in $[pre-foreclosures-lowest-avm-region].
- Bank OwnedThe median estimated home value of bank owned homes (REO properties) in Royal Oak, MI ranges from the highest value of $352,678 in 48067 to the lowest value of $213,017 in 48073. Bank owned homes and properties account for 0.01% of properties in Royal Oak, MI. There are 3 zips within Royal Oak, MI; 48067 containing 2 REO properties, has the highest number of bank owned properties in a single zip.
- Auctions48073 has 7 auction properties, the highest number of properties going to auction in a single zip in the state of Royal Oak, MI. Auction homes and other auction properties account for 0.05% of all properties in Royal Oak, MI. There are 3 zips within Royal Oak, MI; of those zips, the median estimated home value for homes going to auction ranges from $489,298 in 48067 to the lowest value of $111,813 in 48067.
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More Real Estate Resources for Royal Oak, MI
Guide for Royal Oak, MI
Explore the nuances of Michigan’s 2023 real estate market, where rising property values meet shifting sold prices and distressed properties offer investment opportunities amidst a stable yet competitive landscape.
The 2023 Detroit real estate market trend showed steady average listing values and an increase in property sales, with neighboring cities displaying more fluctuation but higher property values. This reflects the city’s resilience amidst an unpredictable industry landscape.
Why Buying a Foreclosure is a Smart Move
Information on foreclosure financing, refinancing, and foreclosure mortgages.