48371, Oxford, MI

The zip code of 48371 in Oxford, Michigan has a median home value of $164,900 and a median home equity value of $101,700. The average home price in this zip code has increased by 5.8% over the past year. In addition, the number of homes sold in this zip code has increased by 6.1% over the past year. This indicates that there is an increasing demand for homes in this area and that people are investing in this area to purchase or rent.

One factor that may be contributing to the increase in home values is the low unemployment rate in Oxford. The unemployment rate currently stands at 3.5%, which is lower than the Michigan state average of 4%. This indicates that there are many opportunities available for people who want to purchase or rent a home in Oxford. Additionally, recent job growth has been strong in Oxford, which may also contribute to rising home values.

Another factor that may be contributing to rising home values is low interest rates. Currently, interest rates are at historic lows and may continue to stay low for some time due to global economic conditions. This means that homeowners who have good credit ratings and have taken care of their mortgages throughout the years will likely see their homes appreciate faster than those who have had more difficult financial times or who have not maintained good credit ratings throughout their lives.