Royal Oak Home Prices & Values

$187,500 Zillow Home Value Index What's This?  
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The Zillow Home Value Index is the median Zestimate valuation for a given geographic area on a given day. Learn more

  • 10.6% 1-year change
  • 5.6% 1-year forecast

Market Temperature: WarmWhat's This?
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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

Buyers' Market Sellers' Market

The median home value in Royal Oak is $187,500. Royal Oak home values have gone up 10.6% over the past year and Zillow predicts they will rise 5.6% within the next year. The median list price per square foot in Royal Oak is $160, which is higher than the Detroit Metro average of $104. The median price of homes currently listed in Royal Oak is $185,000 while the median price of homes that sold is $191,365. The median rent price in Royal Oak is $1,350, 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 Royal Oak is 1.5%, 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 Royal Oak homeowners underwater on their mortgage is 9.3%, which is lower than Detroit Metro at 23.2%.

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Relative ZHVI
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Royal Oak Market Overview

Data through Aug 31, 2014
  • $187,500 ZHVI
  • 5.6% 1-yr forecast What's This?  
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    The Zillow Home Value Forecast is Zillow's prediction of what the Zillow Home Value Index will be one year from now. Learn more

    (Aug 31, 2015)
  • $185,000 Median listing price
  • $191,365 Median sale price
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Royal Oak Market Health

Data through Aug 31, 2014
  • 8.9/10 Very healthy What's This?  
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    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
  • 9.3% Homes with negative equity (17.0% US Avg) (Jun 30, 2014)
  • 1.5% Delinquent on mortgage (6.9% US Avg) (Jun 30, 2014)
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Nearby Cities

Name Median ZHVI Name Median ZHVI Name Median ZHVI
Huntington Woods $311,300 Pleasant Ridge $267,000 Troy $259,100
Berkley $164,400 Clawson $148,000 Ferndale $114,700
Madison Heights $94,200 Oak Park $80,600 Hazel Park $49,900

Listings & Sales

Data through Aug 31, 2014
  • $160 Median list price / sq ft
  • $168 Median sale price / sq ft
  • 49.6% Listings with price cut
22.0%
Sold below listing
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Royal Oak Rentals

Data through Aug 31, 2014
Zillow Rent Index What's This?
Close The Zillow Rent Index is the median Rent Zestimate valuation for a given geographic area on a given day. Learn more
$1,427 Royal Oak
$1,062 Detroit Metro
$1,328 United States
  • 1.5 Breakeven horizon What's This?  
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    The breakeven horizon is the number of years after which buying is more financially advantageous than renting. Learn more

    (Jun 30, 2014)
  • $1,350 Rent list price
  • $1.31 Rent list price / sq ft
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