48302, Bloomfield Hills, MI

Bloomfield Hills, Michigan is a suburb of Detroit that has seen an increase in home equity and home prices over the past few years. According to Zillow, the median home value in Bloomfield Hills was $1,085,000 as of September 2017. This is a significant increase from the median home value of $735,000 recorded in March 2016.

The reasons for this uptick are unclear, but it may be related to strong economic conditions and low interest rates. Additionally, Bloomfield Hills has been blessed with a stable population and excellent schools. These factors have helped to attract affluent families and make the area more desirable for buyers.

Despite these positive trends, there are still areas of concern in Bloomfield Hills. The population is growing rapidly and there is limited land available for development. This could lead to increased housing costs and congestion in the area. Additionally, Bloomfield Hills has a higher than average rate of property crime, which could scare away potential buyers or investors.