Is Troy, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since June 2023
Since last year, Troy has remained a Seller's Market.
Housing Prices in Troy, MI
How much do homes in Troy, MI cost?
Median Sold Price
$411,555
$223/sqft
Based on all homes sold in the last 12 months.
Difference Since June 2023
Summary: The median home sold price in Troy was $411,555 in June 2024, up 2.9% from last year, and the median price per square foot was $223.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Jun 2023 | Jun 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $117K | $138K | +17.9% |
2 Bedrooms | $266.2K | $276.3K | +3.8% |
3 Bedrooms | $341.3K | $351K | +2.8% |
4 Bedrooms | $509.8K | $535K | +4.9% |
5+ Bedrooms | $657.5K | $726K | +10.4% |
Summary: Troy housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes increased by 17.9%, 2 bedroom homes increased by 3.8%, 3 bedroom homes increased by 2.8%, 4 bedroom homes increased by 4.9%, and 5+ bedroom homes increased by 10.4%.
Median Sold Price Compared To Nearby Cities
Clawson | $264.9K | $291.7K | +10.1% |
Sterling Heights | $278.2K | $299.8K | +7.7% |
Royal Oak | $319.9K | $342.9K | +7.2% |
Birmingham | $697.2K | $720.2K | +3.3% |
Troy | $400K | $411.5K | +2.9% |
Housing Supply in Troy, MI
How many homes are available in Troy, MI?
Number of Homes For Sale
May 2024 | Jun 2024 | CHANGE |
---|---|---|
190 | 209 | +10.0% |
Summary: The Troy real estate market had 209 homes for sale in June 2024, a 10.0% increase compared to May 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | May 2024 | Jun 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 2 | 1 | -50.0% |
2 Bedrooms | 30 | 30 | 0.0% |
3 Bedrooms | 69 | 80 | +15.9% |
4 Bedrooms | 80 | 81 | +1.3% |
5+ Bedrooms | 9 | 17 | +88.9% |
Summary: The Troy housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes remained the same, 3 bedroom homes increased by 15.9%, 4 bedroom homes increased by 1.3%, and 5+ bedroom homes increased by 88.9%.
Number of Homes Sold
May 2024 | Jun 2024 | CHANGE |
---|---|---|
70 | 63 | -10.0% |
Asking Price vs. Sold Price
16 Homes Were Sold
Under Asking
9 Homes Were Sold
At Asking
38 Homes Were Sold
Over Asking
Summary: A total of 63 homes were sold or pending in Troy in June 2024, down by 10.0% month-over-month. Of the 63 sold homes, 25% were sold under asking, 14% were sold at asking, and 60% 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
Jun 2023 | Jun 2024 | CHANGE |
---|---|---|
13 Days | 18 Days | +38.1% |
Summary: Homes in Troy had an average of 18 days on market in Jun 2024, up by 38.1% compared to last year.
Breakdown of Home Sale Times
55 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During June 2024, 63 homes were sold in Troy; 87% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.