Royal Oak, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Royal Oak Neighborhoods Since 2000




Royal Oak, MI Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Royal Oak Housing Market Information

With a population of 59,008, 28,371 total housing units (homes and apartments), and a median house value of $214,263, Royal Oak real estate is some of the most expensive in Michigan, although Royal Oak home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Royal Oak, accounting for 69.30% of the city's housing units. Other types of housing that are prevalent in Royal Oak include large apartment complexes or high rise apartments ( 19.05%), duplexes, homes converted to apartments or other small apartment buildings ( 5.68%), and a few row houses and other attached homes ( 5.60%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Royal Oak. Owner-occupied housing accounts for 66.59% of Royal Oak's homes, and 58.62% have either three or four bedrooms, which is average sized relative to America.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Royal Oak's housing was primarily built during this period, from the '40s through the '60s. A full 62.30% of the city's housing hails from this era. Other housing ages represented in Royal Oak include homes built before 1939 ( 17.15%) and housing constructed between 1970-1999 ( 15.91%). There's also some housing in Royal Oak built between 2000 and later ( 4.64%).

Royal Oak Home Appreciation Rates

Appreciation rates for homes in Royal Oak have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 8.84%, which ranks in the top 40% nationwide. This equates to an annual average Royal Oak house appreciation rate of 0.85%.

Appreciation rates are so strong in Royal Oak that despite a nationwide downturn in the housing market, Royal Oak real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Royal Oak appreciation rates continue to be some of the highest in America, at 6.53%, which is higher than appreciation rates in 78.08% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Royal Oak. Royal Oak appreciation rates in the latest quarter were at 1.86%, which equates to an annual appreciation rate of 7.66%.

Importantly, this makes Royal Oak one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Michigan, our data show that Royal Oak's latest annual appreciation rate is higher than 60% of the other cities and towns in Michigan.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Royal Oak differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Royal Oak - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Royal Oak real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$214,263

Royal Oak, MI HOME PRICES

Value Range
> $1,288,000 0.3
$966,001 - $1,288,000 0.2
$644,001 - $966,000 1.0
$515,001 - $644,000 2.5
$386,001 - $515,000 5.0
$258,001 - $386,000 20.7
$129,001 - $258,000 54.6
$64,001 - $129,000 10.3
$0 - $64,000 5.4

Very High for MI
High for Nation

Value Relative to Nation Value Relative to State
28.9054259932029 12.9807692307692

Number Of Homes And Apartments:
28,371

Royal Oak Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
24.86% 1.30% 9 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,282 / per month

Homeownership Rate

Homeownership
Owners 66.59
Renters 33.41
Vacant 5.97

Housing Market Details

 

Age of Homes

AGE OF Royal Oak HOMES
2000 or Newer 4.6
1970 - 1999 15.9
1940 - 1969 62.3
1939 or Older 17.1

Types of Homes

TYPE OF Royal Oak HOMES
Single-Family 69.3
Townhomes 5.6
Small Apt. Buildings 5.7
Apt. Complexes 19.1
Mobile Homes 0.4
Other 0.0

Home Size

SIZE OF Royal Oak HOMES
No Bedroom 1.25
1 Bedroom 13.41
2 Bedrooms 25.37
3 Bedrooms 48.35
4 Bedrooms 10.26
5 or more bedrooms 1.36