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How Much Does An Average Home Cost in Royal Oak?

Royal Oak lands toward the top of the list of the state's most expensive communities in Coldwell Banker's latest Home Listing Report.

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. 

Mike Ripinski December 07, 2012 at 02:20 PM
DISTORTED NUMBERS - I take exception to the Coldwell Banker report as it does not accurately reflect the housing stock in Royal Oak. As a local realtor, I am quite aware of the recent trends but 4 bedroom homes make up a smaller percent of actual listings. As of this morning there are only 32 active 4 bedroom listngs in Royal Oak. ( non- foreclosures ) The prices range from $114,900 to $544,900. The fewer number of 4 br homes available drives up the average price. On the other hand there are 180 active 3 bedroom listings ( non- foreclosures) ranging in price from $49,900 to $554,900. Most of the 3 bedrooms fall in the $100 - 200 K price range. To truly get an accurate average I think a combination of all types of home should be considered. A famous quote says " There are lies. There are damned lies. And then there are statistics." Make sure we are using the real numbers when telling the story.
Ray Smith December 07, 2012 at 08:29 PM
Surprised to learn that Berkley ranks higher than Royal Oak. Wonder why? In my opinion, RO has more to offer than Berkley.
Mike Ripinski December 07, 2012 at 09:47 PM
Ray - There are even fewer 4 BR homes in Berkley as a percent to total homes. so the averages are skewed. If they used 3 br homes for their report it would look entirely different.

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