Oak Park, MI 48237 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Oak Park, MI—48237

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$226,000

1.2% YoY Growth

Household Income

$65,900

32.5% YoY Growth

Days on Market

19.0% Longer YoY

Home Price Forecast

2.2%

Median Rent

$1,650

7.8% YoY Growth

1-Bed Rent

$1,100

N/A

2-Bed Rent

$1,400

1.3% YoY Growth

3-Bed Rent

$1,750

3.3% YoY Growth

Home Price Trends — Oak Park, MI

As of Nov '25, the median home price in Oak Park, MI is $226,000, 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 2.2%, suggesting an increase housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$226,000	1.2%
Single Family	$226,000	1.3%
Condos	$189,000	0.5%

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

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

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% of Rental Stock

Studio

3.3%

1 Bedroom

21.3%

2 Bedrooms

31.3%

3 Bedrooms

41.7%

4 Bedrooms

1.5%

5+ Bedrooms

0.9%

Property Listings — Oak Park, MI

As of Nov '25, Realtor.com reports that the median days on market for a home in Oak Park, MI is 40. This is a increase of 19.0% 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 40.0%, representing a large inventory and a lot of supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$240,000	2.0%
Listing Count	91	19.0%
Listings as % of Homes	0.4%	19.0%
Days on Market	40	19.0%

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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%

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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%

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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%

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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

Oak Park, MI—48237

Key Metrics at a Glance

Home Price Trends — Oak Park, MI

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Oak Park, MI

% of Rental Stock

Property Listings — Oak Park, MI

Demographics — Oak Park, MI

Race and Ethnicity

Mortgage and Risk — Oak Park, MI

Mortgages

Rentals and Section 8 — Oak Park, MI

Section 8 Market Size

Section 8 Opportunity

Affordability — Oak Park, MI

Home Price to Income Ratio

Oak Park, MI — ZIP Code Boundary Map

Nearby ZIP Codes

Huntington Woods, MI

Berkley, MI

Pleasant Ridge, MI

Greenfield, Detroit, MI

Southfield, MI

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	3.1
Median Home Price	$226,000
Median Household Income	$65,900

Oak Park, MI—48237

Key Metrics at a Glance

Home Price Trends — Oak Park, MI

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Oak Park, MI

% of Rental Stock

Property Listings — Oak Park, MI

Demographics — Oak Park, MI

Race and Ethnicity

Mortgage and Risk — Oak Park, MI

Mortgages

Rentals and Section 8 — Oak Park, MI

Section 8 Market Size

Section 8 Opportunity

Affordability — Oak Park, MI

Home Price to Income Ratio

Oak Park, MI — ZIP Code Boundary Map

Nearby ZIP Codes

Huntington Woods, MI

Berkley, MI

Pleasant Ridge, MI

Greenfield, Detroit, MI

Southfield, MI

Frequently Asked Questions

What is the average home price in Oak Park, MI 48237?

How have home prices in Oak Park, MI 48237 changed over the past year?

What is the home price projection for Oak Park, MI 48237?

What are the demographics of Oak Park, MI 48237?

How long does it take homes to sell in Oak Park, MI 48237?

What is the average rent price in Oak Park, MI 48237?