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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Oak Park, MI Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Oak Park, MI Housing Market Trends

With a population of 29,108, 12,432 total housing units (homes and apartments), and a median house value of $245,609, house prices in Oak Park are solidly below the national average.

Single-family detached homes are the single most common housing type in Oak Park, accounting for 73.98% of the city's housing units. Other types of housing that are prevalent in Oak Park include large apartment complexes or high rise apartments ( 15.35%), row houses and other attached homes ( 6.71%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.92%).

The most prevalent building size and type in Oak Park are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 57.81% owning and 42.19% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Oak Park's housing was primarily built during this period, from the '40s through the '60s. A full 78.40% of the city's housing hails from this era. Other housing ages represented in Oak Park include homes built between 1970-1999 ( 17.45%) and housing constructed between 2000 and later ( 2.81%). There's also some housing in Oak Park built before 1939 ( 1.34%).

Oak Park Home Appreciation Rates

In the last 10 years, Oak Park has experienced some of the highest home appreciation rates of any community in the nation. Oak Park real estate appreciated 162.66% over the last ten years, which is an average annual home appreciation rate of 10.14%, putting Oak Park in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Oak Park definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Over the last year, Oak Park appreciation rates have trailed the rest of the nation. In the last twelve months, Oak Park's appreciation rate has been 5.02%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Oak Park were at 1.70%, which equates to an annual appreciation rate of 6.96%.

Relative to Michigan, our data show that Oak Park's latest annual appreciation rate is lower than 60% of the other cities and towns in Michigan.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Oak Park differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Oak Park - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Oak Park real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$245,609

Oak Park, MI Home Prices
> $1,349,000
$1,012,001 - $1,349,000
$675,001 - $1,012,000
$540,001 - $675,000
$404,001 - $540,000
$270,001 - $404,000
$135,001 - $270,000
$67,001 - $135,000
$0 - $67,000
0.2%
0.2%
0.2%
0.2%
0.6%
0.6%
0.0%
0.0%
4.9%
4.9%
27.2%
27.2%
52.8%
52.8%
10.6%
10.6%
3.5%
3.5%
0% 100.0%
% of Homes
Average

for Michigan

Average

for nation

Number of Homes And Apartments:

12,432

Oak Park Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,285 / per month

Homeownership Rate

Owners
Renters
57.8%
57.8%
42.2%
42.2%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
3.4%
3.4%
96.6%
96.6%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
2.8%
2.8%
17.4%
17.4%
78.4%
78.4%
1.3%
1.3%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
74.0%
74.0%
6.7%
6.7%
3.9%
3.9%
15.3%
15.3%
0.0%
0.0%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
1.6%
1.6%
10.0%
10.0%
20.0%
20.0%
61.4%
61.4%
6.2%
6.2%
0.8%
0.8%
0% 100.0%
% of Homes