Royal Oak, MI

Royal Oak is a city located in Oakland County in the U.S. state of Michigan. As of the 2010 census, the city had a population of 83,777. It is a suburb of Detroit and is part of the Detroit metropolitan area. Royal Oak was founded in 1817 by General Henry Procter and named for King George III. The city grew rapidly during the early 20th century as one of the "New Cities" that were developed near Detroit to provide housing for workers who moved to Detroit from rural areas during the industrial revolution. Royal Oak has been ranked as one of America's top 100 cities by Forbes magazine several times since 2000, including No. 1 in 2006 and No. 3 in 2009, and No. 4 in 2012

Real estate has been an important part of Royal Oak's economy since its inception. The city has experienced steady growth over the past few decades, with new development projects continuing to be completed or under construction throughout much of that time period

Today, Royal Oak remains a desirable place to live with many new homes being built each year as well as renovations and additions on existing homes

The real estate market can be divided into two main categories: primary and secondary markets

The primary market refers to properties that are available for sale at any given time

The secondary market refers to properties that are sold after they have been listed on the open market but before they are actually purchased

Royal Oak experiences both types of markets simultaneously

There are three main factors that affect real estate prices: demand (the amount people are willing to pay), supply (the amount available), and location (where a property is located)

In general, prices for homes increase when there is increased demand from buyers while prices decrease when there is decreased demand or when there is an abundance of inventory available

Location plays an important role in determining how much a home will cost because it affects things like transportation options, school districts, crime rates, access to shopping and entertainment venues etcetera