Market Overview
Home Prices in Royal Oak, MI
The median home value in Royal Oak, MI is $340,918 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 2.4% compared to a year ago and up 1.4% from two years prior.
Compared to the U.S. national median of $410,000, homes in Royal Oak are priced17% below average. Royal Oak is part of the Detroit-Warren-Dearborn, MI metro area.
Over the past five years, Royal Oak home values have risen by approximately18.4%, reflecting steady appreciation in this market.
Price History
Royal Oak Home Price Trend
City Comparison
Royal Oak vs. National Median
At $340,918, homes in Royal Oak cost 17% below the national median of $410,000. This makes Royal Oak a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Royal Oak?
20% Down Payment
$68,184
on $340,918
Monthly P&I
$1,778/mo
30-yr @ 6.8%
Total Monthly Est.
~$2,258/mo
incl. taxes & insurance
Income Needed
$90,320
gross annual (30% rule)
10% Down Option
$34,092
+ PMI applies
Loan Amount (20% dn)
$272,734
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Royal Oak, MI?
The median home value in Royal Oak is $340,918 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 2.4% year-over-year.
How much have home prices changed in Royal Oak?
Over the past year, home values in Royal Oak have increased by 2.4%. Over five years, prices have risen approximately 18.4%.
How much do I need to earn to buy a home in Royal Oak?
To comfortably afford the median home price of $340,918 with a 20% down payment ($68,184) at today's rates (6.8%), you'd need a gross annual income of approximately $90,320. This assumes keeping total housing costs at or below 30% of gross income.
How does Royal Oak compare to the national average home price?
The national median home value is approximately $410,000. At $340,918, homes in Royal Oak are 17% below the national average.
What metro area is Royal Oak part of?
Royal Oak is part of the Detroit-Warren-Dearborn, MI metropolitan area. Home prices and market conditions can vary across the broader metro region.