Is Troy, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 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
$410,000
$219/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Troy have sold for 3.3% more than they did a year ago.
Summary: The median home sold price in Troy was $410,000 in May 2024, up 3.3% from last year, and the median price per square foot was $219.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $116.2K | $129.5K | +11.4% |
| 2 Bedrooms | $262.7K | $266.7K | +1.5% |
| 3 Bedrooms | $335.5K | $351.6K | +4.8% |
| 4 Bedrooms | $502.8K | $535K | +6.4% |
| 5+ Bedrooms | $689.5K | $655K | -5.0% |
Summary: Troy housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 11.4%, 2 bedroom homes increased by 1.5%, 3 bedroom homes increased by 4.8%, 4 bedroom homes increased by 6.4%, and 5+ bedroom homes decreased by 5%.
Median Sold Price Compared To Nearby Cities
| Clawson | $260K | $291K | +11.9% |
| Birmingham | $663.4K | $741.1K | +11.7% |
| Royal Oak | $316.2K | $340.9K | +7.8% |
| Sterling Heights | $280K | $294.4K | +5.1% |
| Troy | $396.8K | $410K | +3.3% |
Housing Supply in Troy, MI
How many homes are available in Troy, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 172 | 207 | +20.3% |
Summary: The Troy real estate market had 207 homes for sale in May 2024, a 20.3% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 23 | 32 | +39.1% |
| 3 Bedrooms | 66 | 75 | +13.6% |
| 4 Bedrooms | 74 | 87 | +17.6% |
| 5+ Bedrooms | 8 | 11 | +37.5% |
Summary: The Troy housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 39.1%, 3 bedroom homes increased by 13.6%, 4 bedroom homes increased by 17.6%, and 5+ bedroom homes increased by 37.5%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 59 | 64 | +8.5% |
Asking Price vs. Sold Price
11 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
50 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Troy, you could pay more than the asking price. 78.1% of homes here sold above asking price last month.
Summary: A total of 64 homes were sold or pending in Troy in May 2024, up by 8.5% month-over-month. Of the 64 sold homes, 17% were sold under asking, 5% were sold at asking, and 78% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 17 Days | 16 Days | -5.6% |
Summary: Homes in Troy had an average of 16 days on market in May 2024, down by 5.6% compared to last year.
Breakdown of Home Sale Times
59 Homes Were Sold
Under 30 Days
3 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 May 2024, 64 homes were sold in Troy; 92% of homes were sold within 30 days, 5% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
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