48324, West Bloomfield, MI

West Bloomfield is a suburb of Detroit, Michigan. The population was 95,821 as of the 2010 census. The 48324 zip code includes much of West Bloomfield and parts of Birmingham and Troy. Home prices in the West Bloomfield area have increased significantly in recent years, with some homes selling for over $1 million.

According to Zillow, the median home value in West Bloomfield was $735,000 as of September 2017. This represents an increase of over 50% from the median home value of $429,500 recorded in September 2016. In addition, Zillow reports that the average home price in West Bloomfield has increased by almost 60% since 2015.

One reason for this strong appreciation in home values is likely due to increasing demand from both local and out-of-state buyers. According to Redfin, the number of homes sold in West Bloomfield has increased by almost 20% since 2016. This indicates that there is strong interest among potential homeowners in this area.

Another contributing factor to rising home prices in West Bloomfield may be related to low interest rates and historically low mortgage rates throughout much of the country. Since 2007, mortgage rates have been at or near historic lows – making it more affordable for potential buyers to purchase a home outright rather than take out a loan through a lender. As a result, demand for housing has increased throughout many parts of the country – including West Bloomfield