Is Troy, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 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
$404,375
$216/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Troy have sold for 1.1% more than they did a year ago.
Summary: The median home sold price in Troy was $404,375 in April 2024, up 1.1% from last year, and the median price per square foot was $216.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $116.2K | $127.2K | +9.5% |
| 2 Bedrooms | $253.5K | $265K | +4.5% |
| 3 Bedrooms | $335K | $349.1K | +4.2% |
| 4 Bedrooms | $509.5K | $527.5K | +3.5% |
| 5+ Bedrooms | $669.9K | $670K | 0.0% |
Summary: Troy housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 9.5%, 2 bedroom homes increased by 4.5%, 3 bedroom homes increased by 4.2%, 4 bedroom homes increased by 3.5%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Birmingham | $619.4K | $742.8K | +19.9% |
| Clawson | $260K | $290K | +11.5% |
| Royal Oak | $315K | $344.2K | +9.3% |
| Sterling Heights | $279.4K | $295K | +5.6% |
| Troy | $400K | $404.3K | +1.1% |
Housing Supply in Troy, MI
How many homes are available in Troy, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 138 | 154 | +11.6% |
Summary: The Troy real estate market had 154 homes for sale in April 2024, a 11.6% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 20 | 19 | -5.0% |
| 3 Bedrooms | 47 | 60 | +27.7% |
| 4 Bedrooms | 63 | 66 | +4.8% |
| 5+ Bedrooms | 8 | 8 | 0.0% |
Summary: The Troy housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 5%, 3 bedroom homes increased by 27.7%, 4 bedroom homes increased by 4.8%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 48 | 55 | +14.6% |
Asking Price vs. Sold Price
10 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
39 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Troy, you could pay more than the asking price. 70.9% of homes here sold above asking price last month.
Summary: A total of 55 homes were sold or pending in Troy in April 2024, up by 14.6% month-over-month. Of the 55 sold homes, 18% were sold under asking, 11% were sold at asking, and 71% 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
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 80 Days | 13 Days | -83.1% |
Summary: Homes in Troy had an average of 13 days on market in Apr 2024, down by 83.1% compared to last year.
Breakdown of Home Sale Times
51 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Troy are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 55 homes were sold in Troy; 93% of homes were sold within 30 days, 4% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.
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