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 January 2023

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.

Housing Prices in Troy, MI

How much do homes in Troy, MI cost?

Median Sold Price

$401,000

$212/sqft

Based on all homes sold in the last 12 months.

Difference Since January 2023

+$972(+0.2%)

Key Takeaway

The sold price of homes in Troy has remained the same since last year.

Summary: The median home sold price in Troy was $401,000 in January 2024, up 0.2% from last year, and the median price per square foot was $212.

Median Sold Price By Bedroom Count

# BEDSJan 2023Jan 2024CHANGE
1 $115K$125K
+8.7%
2 $249.9K$269K
+7.6%
3 $330.5K$349.9K
+5.9%
4 $498.3K$513.2K
+3.0%
5+ $661.2K$640K
-3.2%

Summary: Troy housing prices by bedroom type for January 2024 compared to the previous year: The home price of 1 bedroom homes increased by 8.7%, 2 bedroom homes increased by 7.6%, 3 bedroom homes increased by 5.9%, 4 bedroom homes increased by 3%, and 5+ bedroom homes decreased by 3.2%.

Median Sold Price Compared To Nearby Cities

Birmingham
+18.3%
Clawson
+12.6%
Royal Oak
+6.7%
Sterling Heights
+2.4%
Troy
0.2%

Housing Supply in Troy, MI

How many homes are available in Troy, MI?

Number of Homes For Sale

Dec 2023Jan 2024CHANGE
125135+8.0%

Summary: The Troy real estate market had 135 homes for sale in January 2024, a 8.0% increase compared to December 2023.

Homes For Sale By Bedroom Count

# BEDSDec 2023Jan 2024CHANGE
1 12
+100.0%
2 1724
+41.2%
3 5346
-13.2%
4 4649
+6.5%
5+ 814
+75.0%

Summary: The Troy housing inventory by bedroom type for January 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 41.2%, 3 bedroom homes decreased by 13.2%, 4 bedroom homes increased by 6.5%, and 5+ bedroom homes increased by 75%.

Number of Homes Sold

Dec 2023Jan 2024CHANGE
5039-22.0%

Asking Price vs. Sold Price

20 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

14 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Troy, you may be able to get a good deal. 51.3% of homes here sold below asking price last month.

Summary: A total of 39 homes were sold or pending in Troy in January 2024, down by 22.0% month-over-month. Of the 39 sold homes, 51% were sold under asking, 13% were sold at asking, and 36% were sold over asking.

Days on Market for Troy, MI

How long does it take to sell a home in Troy, MI?

Average Sale Time

Jan 2023Jan 2024CHANGE
31 Days31 Days+1.3%

Summary: Homes in Troy had an average of 31 days on market in Jan 2024, up by 1.3% compared to last year.

Breakdown of Home Sale Times

29 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

5 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.

Summary: During January 2024, 39 homes were sold in Troy; 74% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.

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

Report Updated 21 Days Ago

Newest Listings in Troy, MI

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