In its latest national home listing report, released last week, Coldwell Banker ranks Royal Oak as the 25th most expensive home market in Michigan with the average price of a typical four-bedroom, two-bath home listed at $253,507.
Coldwell Banker's commmunity overview puts the median Royal Oak household income at $59,390 and says 48 percent of households have families and half the population commutes 21 minutes or more to work.
According to the report, which looked at 2,479 communities across the country, the average price of a typical four-bedroom, two-bath in the United States is $292,152. That price tag jumps to $742,551 in Hawaii, the nation’s most expensive state.
Joining Royal Oak in the Great Lake State's Top 25 priciest communities, according to Coldwell Banker, are a number of neighboring towns, such as Birmingham, Bloomfield Twp., Rochester Hills, and Berkley.
Redford, meanwhile, is the least expensive community in nation, according to Coldwell Banker, with an average listing price of $60,490 for a four-bedroom, two-bathroom home.Rank in Michigan Community Average Price 1 Birmingham $429,800 3 Bloomfield Twp. $328,034 4 Northville $325,600 9 Rochester Hills $300,538 12 Berkley $285,573 16 Plymouth $271,924 17 Novi $268,812 25 Royal Oak $253,507 39 Troy $228,404 41 Sterling Heights $218,928 42 Farmington Hills $218,388 57 Livonia $193,778 64 Grosse Pointe $181,700 90 Southfield $123,843 96 Warren $99,349 98 Detroit $65,155 99* Redford $60,490
Source: Coldwell Banker's Michigan Home Listing Report. *Communities in Michigan were ranked from 1 to 99 in the report.