Is Troy Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Troy Township has remained a Seller's Market.
Key Takeaway
Troy Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Troy Township, MI
How much do homes in Troy Township, MI cost?
Median Sold Price
$410,000
$219/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Troy Township have sold for 3.8% more than they did a year ago.
Summary: The median home sold price in Troy Township was $410,000 in May 2024, up 3.8% from last year, and the median price per square foot was $219.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $116.2K | $133.7K | +15.1% |
| 2 Bedrooms | $256.5K | $266.7K | +4.0% |
| 3 Bedrooms | $335.5K | $351.6K | +4.8% |
| 4 Bedrooms | $502.4K | $535K | +6.5% |
| 5+ Bedrooms | $689.5K | $655K | -5.0% |
Summary: Troy Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 15.1%, 2 bedroom homes increased by 4%, 3 bedroom homes increased by 4.8%, 4 bedroom homes increased by 6.5%, and 5+ bedroom homes decreased by 5%.
Median Sold Price Compared To Nearby Cities
| Pleasant Plains Township | $122.4K | $150K | +22.5% |
| Lake Township | $132K | $147K | +11.4% |
| Troy Township | $395K | $410K | +3.8% |
| Bitely | $130K | $128.5K | -1.2% |
Housing Supply in Troy Township, MI
How many homes are available in Troy Township, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 173 | 208 | +20.2% |
Summary: The Troy Township real estate market had 208 homes for sale in May 2024, a 20.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 23 | 33 | +43.5% |
| 3 Bedrooms | 67 | 75 | +11.9% |
| 4 Bedrooms | 74 | 87 | +17.6% |
| 5+ Bedrooms | 8 | 11 | +37.5% |
Summary: The Troy Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 43.5%, 3 bedroom homes increased by 11.9%, 4 bedroom homes increased by 17.6%, and 5+ bedroom homes increased by 37.5%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 59 | 64 | +8.5% |
Asking Price vs. Sold Price
11 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
50 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Troy Township, you could pay more than the asking price. 78.1% of homes here sold above asking price last month.
Summary: A total of 64 homes were sold or pending in Troy Township in May 2024, up by 8.5% month-over-month. Of the 64 sold homes, 17% were sold under asking, 5% were sold at asking, and 78% were sold over asking.
Days on Market for Troy Township, MI
How long does it take to sell a home in Troy Township, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 18 Days | 16 Days | -6.2% |
Summary: Homes in Troy Township had an average of 16 days on market in May 2024, down by 6.2% compared to last year.
Breakdown of Home Sale Times
59 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Troy Township are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 64 homes were sold in Troy Township; 92% of homes were sold within 30 days, 5% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
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