There are currently 23,860 real estate properties in Royal Oak, MI, with a median automated valuation model (AVM) price of $286,100.00. What is an AVM? It is a smart computer program that analyzes and predicts the approximate value of a home, property or land in Royal Oak, MI, based on current market trends, comparable real estate sales nearby, historical data and, of course, property features, among other variables. These automated home estimates are often very helpful, providing buyers and sellers with a better idea of a home’s value ahead of the negotiation process. For example, the average home price in Royal Oak, MI, is $308,390.00, with the most expensive house in Royal Oak, MI, topping out at $2,546,000.00 and the cheapest home in Royal Oak, MI, clocking in at $64,900.00. In other words, there’s something for every potential homebuyer or savvy investor in Royal Oak, MI!
With the expiration of certain local, state and federal housing-related restrictions and mandated programs, the rental market in Royal Oak, MI, is on a rollercoaster ride. The average rent price in Royal Oak, MI, is $1,664.00. Indeed, when looking to rent in Royal Oak, MI, you can expect to pay as little as $700.00 or as much as $3,140.00, with the average rent median estimated to be $1,600.00. The good news is that finding an affordable and desirable property to rent in Royal Oak, MI -- whether it’s apartments, townhomes, condominiums or single-family homes -- is made easier with knowledge of the local market and, of course, a little patience.
Find the best foreclosure homes listings for sale — bank-owned, government (Fannie Mae, Freddie Mac, HUD, etc.) and others — in and near the Royal Oak, MI area at Foreclosure.com. Get information on foreclosure homes for rent, how to buy foreclosures in Royal Oak, MI and much more. Save thousands at closing with home foreclosure listings in Royal Oak, MI — up to 75% off market value!
Royal Oak is located in Oakland, Michigan, with an estimated municipal population of 59,277 residents. All of the best foreclosed homes for sale in Royal Oak are located in the following zip code areas on Foreclosure.com: 48067 48073 48068. The estimated population per square kilometer (.62 miles) in Royal Oak is 1,940.
So, about how much do homes cost in Royal Oak? The most recent median value of resident-owned homes in Royal Oak is 224,647. An estimated 67.4 percent of households in Royal Oak own their homes, with an average family size of 2.85. The median household income in Royal Oak is 81,665, with39.2 percentage of households earning at least $100,000 annually. For working parents and professionals who are searching for cheap homes in Royal Oak, the median commute time of resident workers (in minutes) is 24.9. And last, but certainly not least, are you looking for homes to rent in Royal Oak? If so, the average rent price paid by renters in Royal Oak is 1,079, according to recent statistics.
Where a home is located is almost just as important as the home itself. Whether you are a first-time homebuyer or are relocating to Royal Oak, it is essential to take a deep dive into your potential future neighborhood. Homeownership is often a long-term relationship; therefore, be sure to do your due diligence to ensure that you make the best long-term decision.
The median age of residents in Royal Oak is 35.8, split between 50.3 percent male versus 49.7 female. The percentage of residents who report being married in Royal Oak is 45.2, with an average family size of 2.85.
The percentage of residents who report their race in Royal Oak is as follows:
|Black / African American||3.7%|
|American Indian / Alaskan Native||0.1%|
|Native Hawaiian / Other Pacifc Islander||0%|
Looking for family-friendly neighborhoods in and/or near Royal Oak? Or maybe you are searching for 55+ active adult communities in and/or near Royal Oak?
The percentage of residents who report their age in Royal Oak is as follows:
It was a rollercoaster ride for academics in 2020, with school districts throughout the nation transferring their classes online because of the global pandemic. Numerous school districts will continue online courses, while others will welcome students back to campus. Regardless, homebuyers are shopping for homes in Royal Oak with dedicated in-home learning spaces, as well as for homes located within the best school systems for in-person instruction in Royal Oak.
How do you know that living in -- or moving to -- Royal Oak is right where you need to be? Perhaps you grew up in Royal Oak or already live nearby; therefore, the decision to buy a home in Royal Oak is a no-brainer. For others, however, it may not be such a straightforward or simple decision. Whether you are relocating to Royal Oak for work or just looking for a fresh start, getting a read on a neighborhood from afar (online) can be tricky... and exhausting.
Here are some questions to ask yourself when shopping for foreclosed homes for sale in Royal Oak:
In short, it always helps to create a “Pros vs. Cons” list of what you need in a home and/or neighborhood like Royal Oak.
Prospective homebuyers are clearly taking advantage of the low interest rates and numerous government assistance programs. These low interest rates mean homebuyers in Royal Oak can now afford much more house for the same monthly payment (if interest rates were higher). Motivated and opportunistic sellers in Royal Oak, meanwhile, can field multiple offers from more qualified buyers.