Is Troy, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Troy is a seller's market

Buyer's
Market

Difference Since June 2021

Since last year, Troy has remained a Seller's Market.

Key Takeaway

Troy is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

How much do homes in Troy, MI cost?

Median Sold Price

$360,416

$191/sqft

Based on all homes sold in the last 12 months.

Difference Since June 2021

+$30,416(+9.2%)

Key Takeaway

Homes in Troy have sold for 9.2% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSJun 2021Jun 2022%
1 $100K$115K
+15.0%
2 $186.5K$215K
+15.3%
3 $290K$319.5K
+10.2%
4 $410K$453K
+10.5%
5+ $528K$598K
+13.3%

Median Sold Price Compared To Nearby Cities

Royal Oak
+12.9%
Madison Heights
+11.1%
Troy
+9.2%
Clawson
+9.1%
Birmingham
+2.5%

How many homes are available in Troy, MI?

Number of Homes For Sale

May 2022Jun 2022%
265280+5.7%

Homes For Sale By Bedroom Count

# BEDSMay 2022Jun 2022%
1 01
+100.0%
2 2722
-18.5%
3 8399
+19.3%
4 137141
+2.9%
5+ 1817
-5.6%

Number of Homes Sold

May 2022Jun 2022%
9690-6.3%

Asking Price vs. Sold Price

25 Homes Were Sold
Under Asking

8 Homes Were Sold
At Asking

57 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Troy, you could pay more than the asking price. 63.3% of homes here sold above asking price last month.

Average Sale Time

Jun 2021Jun 2022%
14 Days19 Days+40.1%

Breakdown of Home Sale Times

74 Homes Were Sold
Under 30 Days

13 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Troy are selling fast, if you're buying plan to act quickly.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

About Troy, MI

Number of homes for sale in Troy, MI real estate market have reached 280. The number of listings in Troy, MI increased by 5.7% between May 2022 and June 2022. In June 2022, listings were on the market for 19 days. During the same period, the median list price in this real estate market was $360,416. From May 2022 through June 2022, the following changes in listing prices were observed in this housing market: prices of 1 bedroom properties increased by 15%, prices of 2 bedrooms properties went up by 15.3%, 3 bedrooms properties became 10.2% more expensive, 4 bedrooms properties became 10.5% more expensive, the cost of 5 bedrooms properties went up by 13.3%. The following changes in the number of homes for sale were observed in this housing market: 1 bedroom homes inventory increased by 100%, volume of 2 bedrooms homes went down by 18.5%, 3 bedrooms homes became 19.3% more available, number of 4 bedrooms homes increased by 2.9%, volume of 5 bedrooms homes went down by 5.6%. In June 2022 more than 57 listings in Troy, MI were sold above the asking price. During the same period more than 8 listings were sold at asking price, while more than 25 were sold below.

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