Royal Oak, MI—48073
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 $313,000, with a year-over-year change of 2.1%. This indicates that home prices in Royal Oak, MI are increasing. According to Zillow, the 1-year price projection is 1.2%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $313,000 | 2.1% |
| Single Family | $333,000 | 1.8% |
| Condos | $168,000 | 2.4% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $129,000 | 4.9% |
2 Bed | $214,000 | 2.9% |
3 Bed | $324,000 | 2.2% |
4 Bed | $450,000 | 3.2% |
| 5 Bed | $496,000 | 2.9% |
% of Housing Stock
Rental Trends — Royal Oak, MI
As of July '25, Rentcast reports the average rent in Royal Oak, MI is $1,880, with a year-over-year rent change of -1.1%. Per bedroom, the median rent as of July '25 in Royal Oak, MI is 1-bedrooms: $1,190, 2-bedrooms: $1,560, 3-bedrooms: $2,520, 4-bedrooms: $3,580. The most common rental property sizes in Royal Oak, MI are 2-bedroom and 1-bedroom, accounting for 39.7% and 36.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,600 | $1,880 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,200 | $1,190 |
| 2 Bed Rent | $1,500 | $1,560 |
| 3 Bed Rent | $2,300 | $2,520 |
| 4 Bed Rent | $3,000 | $3,580 |
% 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 33. This is a decrease of -8.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 34.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $374,000 | 4.0% |
Listing Count | 161 | 17.0% |
| Listings as % of Homes | 0.4% | 17.0% |
Days on Market | 33 | -8.0% |
Demographics — Royal Oak, MI
As of the latest ACS Survey released in 2023, Royal Oak, MI has a population of 33,400, which has decreased by -2.4% over the past 5 years. Royal Oak, MI is a moderately popular place for families, as children make up 16.1% of the population. The area has a highly educated workforce, with 59.2% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 20.0% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 33,400 | -2.4% |
% Under 18 | 16.1% | 3.9% |
% Seniors | 15.9% | 2.6% |
% WFH | 20.0% | 426.3% |
% w/ College Degree | 59.2% | 9.6% |
As of the latest ACS Survey released in 2023, Royal Oak, MI is a predominantly white area, with 79.9% of the population identifying as white. The white population has shrunk by 9.0% in the last 5 years. The second most common race or ethnicity in Royal Oak, MI is black, making up 8.2% of the population. Foreign-born residents account for 6.6% of the population in Royal Oak, MI, and this percentage has decreased by 7.0% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 79.9% | -9.0% |
% Black | 8.2% | 115.8% |
% Hispanic | 3.1% | 14.8% |
% Asian | 4.4% | -2.2% |
% Foreign Born | 6.6% | -7.0% |
Mortgage and Risk — Royal Oak, MI
According to HUD data as of 2023, there were 732 mortgage originations in Royal Oak, MI, of which 95.0% of loans were conventional mortgages. The average loan-to-value was 65.0%, with 27.0% 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 | 732 |
% 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 1.3%. 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 and 2-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 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 71 |
Total Units Section 8 | 71 |
% Rentals under Section 8 | 1.3% |
% Occupied Section 8 | 86.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $10 | $1,200 | $1,210 |
| 2 Bedroom | $30 | $1,500 | $1,530 |
| 3 Bedroom | -$430 | $2,300 | $1,870 |
| 4 Bedroom | -$970 | $3,000 | $2,030 |
Affordability — Royal Oak, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.2 |
| Median Home Price | $313,000 |
| Median Household Income | $86,400 |