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.
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
$408,000
$215/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Troy have sold for 2% more than they did a year ago.
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
Key Takeaway
If you're buying a home in Troy, you could pay more than the asking price. 47.5% of homes here sold above asking price last month.
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
Key Takeaway
Many homes in Troy are selling fast, if you're buying plan to act quickly.
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.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS. Copyright MiRealSource.