Updated about 7 years ago on . Most recent reply
Royal Oak, MI - Thoughts on Market?
Hello BP! I am currently in the market for my first property and live in the Metro Detroit area.
I have found a few SFH's in Royal Oak that have caught my attention, as I feel they are being sold under market value based on comps I have received. They are also in higher rent areas, and very close to downtown - long story short, I feel confident about these properties renting easily and cash flowing well.
My question is: how do you feel about the Royal Oak market in general? Clearly it has become known as a growing city that is attracting a young, college-grad crowd - but do you think it has peaked? Looking at historical sales data, the average home sale price has risen dramatically since 2010, which leaves me thinking it may soon plateau and decline. But, if you drive around the city, especially downtown, new construction is happening all over, indicating that the city may just be in the beginning of a rise.
What are you thoughts? Let me know!