Oak Park, MI—48237
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Oak Park, MI
As of Oct '25, the median home price in Oak Park, MI is $229,000, with a year-over-year change of 1.2%. This indicates that home prices in Oak Park, MI are increasing. According to Zillow, the 1-year price projection is 1.6%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $229,000 | 1.2% |
| Single Family | $229,000 | 0.9% |
| Condos | $192,000 | 1.1% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $172,000 | 3.0% |
3 Bed | $229,000 | 0.9% |
4 Bed | $303,000 | 1.7% |
| 5 Bed | $360,000 | 0.6% |
% of Housing Stock
Rental Trends — Oak Park, MI
As of July '25, Rentcast reports the average rent in Oak Park, MI is $1,660, with a year-over-year rent change of -7.8%. Per bedroom, the median rent as of July '25 in Oak Park, MI is studios: $799, 1-bedrooms: $1,240, 2-bedrooms: $1,540, 3-bedrooms: $1,770, 4-bedrooms: $2,020. The most common rental property sizes in Oak Park, MI are 3-bedroom and 2-bedroom, accounting for 41.7% and 31.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,650 | $1,660 |
| Studio Rent | $799 | $799 |
| 1 Bed Rent | $1,100 | $1,240 |
| 2 Bed Rent | $1,400 | $1,540 |
| 3 Bed Rent | $1,750 | $1,770 |
| 4 Bed Rent | $2,000 | $2,020 |
% of Rental Stock
Property Listings — Oak Park, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Oak Park, MI is 36. This is a increase of 12.0% 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 42.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $243,000 | 3.0% |
Listing Count | 91 | 25.0% |
| Listings as % of Homes | 0.4% | 25.0% |
Days on Market | 36 | 12.0% |
Demographics — Oak Park, MI
As of the latest ACS Survey released in 2023, Oak Park, MI has a population of 29,400, which has decreased by -1.6% over the past 5 years. Oak Park, MI is a moderately popular place for families, as children make up 18.9% of the population. The area has a moderately educated workforce, with 39.5% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 21.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 29,400 | -1.6% |
% Under 18 | 18.9% | -11.7% |
% Seniors | 17.3% | 8.8% |
% WFH | 21.1% | 368.9% |
% w/ College Degree | 39.5% | 33.0% |
As of the latest ACS Survey released in 2023, Oak Park, MI is a predominantly black area, with 53.2% of the population identifying as black. The black population has shrunk by 5.3% in the last 5 years. The second most common race or ethnicity in Oak Park, MI is white, making up 35.8% of the population. Foreign-born residents account for 8.5% of the population in Oak Park, MI, and this percentage has decreased by 12.4% 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 | 35.8% | 1.1% |
% Black | 53.2% | -5.3% |
% Hispanic | 1.1% | -47.6% |
% Asian | 2.7% | 42.1% |
% Foreign Born | 8.5% | -12.4% |
Mortgage and Risk — Oak Park, MI
According to HUD data as of 2023, there were 501 mortgage originations in Oak Park, MI, of which 83.0% of loans were conventional mortgages. The average loan-to-value was 67.0%, with 36.0% above 90% LTV (very high). This implies large mortgage risk in Oak Park, MI. Investor activity is low, as 3.0% of loans were by investors. 17.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 501 |
% Conventional Loans | 83.0% |
% Government Loans | 17.0% |
% Investor Loans | 3.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 17.0% |
Loan Activity
Rentals and Section 8 — Oak Park, MI
As of 2024, the percent of homes in Oak Park, MI under the Section 8 program is 14.3%. 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. In Oak Park, MI, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.
Section 8 Market Size
Total Units under HUD | 749 |
Total Units Section 8 | 747 |
% Rentals under Section 8 | 14.3% |
% Occupied Section 8 | 91.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $210 | $1,100 | $1,310 |
| 2 Bedroom | $260 | $1,400 | $1,660 |
| 3 Bedroom | $280 | $1,750 | $2,030 |
| 4 Bedroom | $200 | $2,000 | $2,200 |
Affordability — Oak Park, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.2 |
| Median Home Price | $229,000 |
| Median Household Income | $65,900 |