$4,228 Closing Credit*
$356,000
1,863 SqFt
4 Beds
•1 Full Bath, 1 Partial
Ameer Yaldo, Listing Office: ERA Prime Real Estate Group
Is Troy, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 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
$450,027
$188/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$30,027(+7.1%)
Key Takeaway
Homes in Troy have sold for 7.1% more than they did a year ago.
Summary: The median home sold price in Troy was $450,027 in November 2024, up 7.1% from last year, and the median price per square foot was $188.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $125K | $138K | +10.4% |
| 2 Bedrooms | $268.2K | $283.7K | +5.8% |
| 3 Bedrooms | $361.9K | $373K | +3.1% |
| 4 Bedrooms | $523.3K | $576.5K | +10.2% |
| 5+ Bedrooms | $685K | $726K | +6.0% |
Summary: Troy housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10.4%, 2 bedroom homes increased by 5.8%, 3 bedroom homes increased by 3.1%, 4 bedroom homes increased by 10.2%, and 5+ bedroom homes increased by 6%.
Median Sold Price Compared To Nearby Cities
| Birmingham | $720.1K | $850K | +18.0% |
| Troy | $420K | $450K | +7.1% |
| Sterling Heights | $285.5K | $305.1K | +6.9% |
| Clawson | $285K | $295K | +3.5% |
| Royal Oak | $339K | $344.9K | +1.8% |
Housing Supply in Troy, MI
How many homes are available in Troy, MI?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 244 | 216 | -11.5% |
Summary: The Troy real estate market had 216 homes for sale in November 2024, a 11.5% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 27 | 21 | -22.2% |
| 3 Bedrooms | 94 | 94 | 0.0% |
| 4 Bedrooms | 105 | 87 | -17.1% |
| 5+ Bedrooms | 17 | 12 | -29.4% |
Summary: The Troy housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 22.2%, 3 bedroom homes remained the same, 4 bedroom homes decreased by 17.1%, and 5+ bedroom homes decreased by 29.4%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 88 | 50 | -43.2% |
Asking Price vs. Sold Price
27 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
16 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Troy, you may be able to get a good deal. 54% of homes here sold below asking price last month.
Summary: A total of 50 homes were sold or pending in Troy in November 2024, down by 43.2% month-over-month. Of the 50 sold homes, 54% were sold under asking, 14% were sold at asking, and 32% 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
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 18 Days | 24 Days | +32.7% |
Summary: Homes in Troy had an average of 24 days on market in Nov 2024, up by 32.7% compared to last year.
Breakdown of Home Sale Times
36 Homes Were Sold
Under 30 Days
12 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 November 2024, 50 homes were sold in Troy; 72% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 4% 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. 
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