Home Values

Oak Park Home Prices & Values

Zillow Home Value Index

The Zillow Home Value Index is the median Zestimate valuation for a given geographic area on a given day. Learn more

$81,700

  • 16.5% 1-year change
  • 5.1% 1-year forecast

Market Temperature

Based on three metrics—sale-to-list price ratio, the prevalence of price cuts on home listings, and time-on-market—the market temperature provides information on the current balance of bargaining power between buyers and sellers in this city relative to other cities in the same metropolitan area. A particular city may be identified as a good market for buyers in a metro market favorable to sellers overall. Learn more

Very Hot

Buyers' Market
Sellers' Market

The median home value in Oak Park is $81,700. Oak Park home values have gone up 16.5% over the past year and Zillow predicts they will rise 5.1% within the next year. The median list price per square foot in Oak Park is $64, which is lower than the Detroit Metro average of $103. The median price of homes currently listed in Oak Park is $80,000 while the median price of homes that sold is $79,115. The median rent price in Oak Park is $1,010, which is higher than the Detroit Metro median of $875.

Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in Oak Park is 4.2%, which is lower than the national value of 6.9%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Oak Park homeowners underwater on their mortgage is 39.9%, which is higher than Detroit Metro at 23.2%.

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Relative ZHVI
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Oak Park Market Overview

Data through Oct 31, 2014
  • $81,700 ZHVI
  • 5.1% 1-yr forecast
    The Zillow Home Value Forecast is Zillow's prediction of what the Zillow Home Value Index will be one year from now. Learn more
    (Oct 31, 2015)
  • $80,000 Median listing price
  • $79,115 Median sale price
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Oak Park Market Health

Data through Oct 31, 2014
  • 6.6/10 Healthy
    The Market Health Index illustrates the current health of a region's housing market relative to other markets across the country. The Market Health Index is based on up to 10 metrics including those capturing the past and projected evolution of home values, the prevalence of foreclosures, foreclosure re-sales, negative equity and delinquency, as well as whether homes are currently selling faster or slower than in the past.
  • No data Average days on Zillow
  • 39.9% Homes with negative equity (17.0% US Avg) (Jun 30, 2014)
  • 4.2% Delinquent on mortgage (6.9% US Avg) (Jun 30, 2014)
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Nearby Cities

Name Median ZHVI
Beverly Hills $333,900
Huntington Woods $315,000
Pleasant Ridge $269,400
Name Median ZHVI
Royal Oak $185,200
Lathrup Village $161,200
Berkley $158,300
Name Median ZHVI
Clawson $142,700
Southfield $112,200
Ferndale $111,300

Listings & Sales

Data through Oct 31, 2014
  • $64 Median list price / sq ft
  • $62 Median sale price / sq ft
  • 39.0% Listings with price cut
23.1%
Sold below listing
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Oak Park Rentals

Data through Oct 31, 2014
  • Zillow Rent Index

  • $1,119 Oak Park
    $1,063 Detroit Metro
    $1,337 United States

    The Zillow Rent Index is the median Rent Zestimate valuation for a given geographic area on a given day. Learn more

  • 0.6 Breakeven horizon
    The breakeven horizon is the number of years after which buying is more financially advantageous than renting. Learn more
    (Jun 30, 2014)
  • $1,010 Rent list price
  • $0.93 Rent list price / sq ft
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