Is Troy, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 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
$408,000
$215/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Troy was $408,000 in March 2024, up 2% from last year, and the median price per square foot was $215.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $117K | $127.2K | +8.8% |
2 Bedrooms | $250K | $264.9K | +6.0% |
3 Bedrooms | $335K | $348.6K | +4.1% |
4 Bedrooms | $500K | $535K | +7.0% |
5+ Bedrooms | $669.9K | $655K | -2.2% |
Summary: Troy housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 8.8%, 2 bedroom homes increased by 6%, 3 bedroom homes increased by 4.1%, 4 bedroom homes increased by 7%, and 5+ bedroom homes decreased by 2.2%.
Median Sold Price Compared To Nearby Cities
Birmingham | $618.8K | $730.3K | +18.0% |
Clawson | $259K | $290K | +12.0% |
Royal Oak | $315.4K | $344.2K | +9.1% |
Sterling Heights | $280K | $290.4K | +3.7% |
Troy | $400K | $408K | +2.0% |
Housing Supply in Troy, MI
How many homes are available in Troy, MI?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
124 | 137 | +10.5% |
Summary: The Troy real estate market had 137 homes for sale in March 2024, a 10.5% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 0 | -100.0% |
2 Bedrooms | 28 | 19 | -32.1% |
3 Bedrooms | 40 | 47 | +17.5% |
4 Bedrooms | 45 | 62 | +37.8% |
5+ Bedrooms | 10 | 9 | -10.0% |
Summary: The Troy housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes decreased by 32.1%, 3 bedroom homes increased by 17.5%, 4 bedroom homes increased by 37.8%, and 5+ bedroom homes decreased by 10%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
47 | 40 | -14.9% |
Asking Price vs. Sold Price
18 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
19 Homes Were Sold
Over Asking
Summary: A total of 40 homes were sold or pending in Troy in March 2024, down by 14.9% month-over-month. Of the 40 sold homes, 45% were sold under asking, 8% were sold at asking, and 48% 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
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
46 Days | 21 Days | -52.7% |
Summary: Homes in Troy had an average of 21 days on market in Mar 2024, down by 52.7% compared to last year.
Breakdown of Home Sale Times
32 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During March 2024, 40 homes were sold in Troy; 80% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.