Real Estate
Royal Oak, Michigan (MI)
Royal Oak, a suburb of Detroit, has seen significant development in the past decade as its downtown area has been transformed into a trendy entertainment, shopping and restaurant area. In addition to this recent development, Royal Oak’s prime location near several major thoroughfares has served to increase the city’s property values and appeal.
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| Population 60,062 | Median Age 36.9 yrs | Household Size: 2.06 |
| Avg Home Value: $150,900 | July High: 83.6°F | January Low: 16.4°F |
Welcome to Michigan Real Estate
Michigan, although known as the Wolverine State, no longer has any wolverines. Perhaps a more appropriate nickname for Michigan would be the Great Lakes State; Michigan touches four of the five Great Lakes, has the longest freshwater shoreline in the world, and has more shoreline than any state but Alaska.
Famous Michiganians include Henry Ford, Madonna, Charles Lindbergh, and the Kellogg brothers, who began the dry cereal industry. Kelloggs' headquarters is still located in Michigan.
Michigan is home to over 10 million residents, who enjoy the state's low crime rate, good air quality, and an average income that is slightly higher than the national average. Additionally, Michigan homes are quite affordable. The average 2004 home sale price for the state was $162,000. When the low cost of real estate is combined with the good job market, it's no surprise that most of Michigan's residents are homeowners. In the state, there are three homes owned by their occupant for every one that is rented.
Home Values in Michigan
Doing your research on home values in Michigan may be the factor that determines whether your home sells right away, or stays on the market for months. It’s important to charge the right price to begin with, based not only on the evaluation, but on the current market and the demand for homes in Michigan. Continue reading, and we’ll help you get through your home’s sale with the minimum in stress.
A REALTOR® is a real estate professional who is a member of the National Association of REALTORS®