Royal Oak, MI—48067
Real Estate Data & Market Trends
Key Metrics at a Glance
Other Zip Codes in Royal Oak, MI
Home Price Trends — Royal Oak, MI
As of Oct '25, the median home price in Royal Oak, MI is $334,000, with a year-over-year change of 1.3%. This indicates that home prices in Royal Oak, MI are increasing. According to Zillow, the 1-year price projection is 1.3%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $334,000 | 1.3% |
| Single Family | $328,000 | 1.2% |
| Condos | $376,000 | 2.5% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $247,000 | 4.2% |
2 Bed | $295,000 | 2.4% |
3 Bed | $331,000 | 1.2% |
4 Bed | $460,000 | 2.7% |
| 5 Bed | $575,000 | 3.2% |
% of Housing Stock
Rental Trends — Royal Oak, MI
As of July '25, Rentcast reports the average rent in Royal Oak, MI is $2,330, with a year-over-year rent change of 8.4%. Per bedroom, the median rent as of July '25 in Royal Oak, MI is studios: $2,030, 1-bedrooms: $1,510, 2-bedrooms: $2,330, 3-bedrooms: $2,630, 4-bedrooms: $4,280. The most common rental property sizes in Royal Oak, MI are 1-bedroom and 2-bedroom, accounting for 48.7% and 27.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,250 | $2,330 |
| Studio Rent | $2,030 | $2,030 |
| 1 Bed Rent | $1,300 | $1,510 |
| 2 Bed Rent | $2,100 | $2,330 |
| 3 Bed Rent | $2,500 | $2,630 |
| 4 Bed Rent | $3,100 | $4,280 |
% of Rental Stock
Property Listings — Royal Oak, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Royal Oak, MI is 38. This is a increase of 17.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 31.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $398,000 | 4.0% |
Listing Count | 154 | 10.0% |
| Listings as % of Homes | 0.4% | 10.0% |
Days on Market | 38 | 17.0% |
Demographics — Royal Oak, MI
As of the latest ACS Survey released in 2023, Royal Oak, MI has a population of 24,500, which has decreased by -1.6% over the past 5 years. Royal Oak, MI is a less popular place for families, as children make up 13.1% of the population. The area has a highly educated workforce, with 67.1% of adult residents holding a bachelor’s degree or higher. There are many residents working remotely, with 29.3% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 24,500 | -1.6% |
% Under 18 | 13.1% | -12.7% |
% Seniors | 14.3% | 17.2% |
% WFH | 29.3% | 442.6% |
% w/ College Degree | 67.1% | 12.4% |
As of the latest ACS Survey released in 2023, Royal Oak, MI is a predominantly white area, with 82.0% of the population identifying as white. The white population has shrunk by 6.3% in the last 5 years. The second most common race or ethnicity in Royal Oak, MI is hispanic, making up 6.8% of the population. Foreign-born residents account for 7.5% of the population in Royal Oak, MI, and this percentage has increased by 5.6% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 82.0% | -6.3% |
% Black | 3.6% | 2.9% |
% Hispanic | 6.8% | 100.0% |
% Asian | 3.4% | 25.9% |
% Foreign Born | 7.5% | 5.6% |
Mortgage and Risk — Royal Oak, MI
According to HUD data as of 2023, there were 586 mortgage originations in Royal Oak, MI, of which 95.0% of loans were conventional mortgages. The average loan-to-value was 67.0%, with 29.0% above 90% LTV (very high). This implies large mortgage risk in Royal Oak, MI. Investor activity is low, as 2.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 586 |
% Conventional Loans | 95.0% |
% Government Loans | 5.0% |
% Investor Loans | 2.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 11.0% |
Loan Activity
Rentals and Section 8 — Royal Oak, MI
As of 2024, the percent of homes in Royal Oak, MI under the Section 8 program is 7.4%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom units appear to be good home sizes to consider for Section 8 housing in Royal Oak, MI, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 330 |
Total Units Section 8 | 331 |
% Rentals under Section 8 | 7.4% |
% Occupied Section 8 | 88.7% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $80 | $1,300 | $1,380 |
| 2 Bedroom | -$350 | $2,100 | $1,750 |
| 3 Bedroom | -$360 | $2,500 | $2,140 |
| 4 Bedroom | -$780 | $3,100 | $2,320 |
Affordability — Royal Oak, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.8 |
| Median Home Price | $334,000 |
| Median Household Income | $107,000 |