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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Troy, NY Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Troy, NY Housing Market Trends

With a population of 50,895, 21,574 total housing units (homes and apartments), and a median house value of $219,952, house prices in Troy are solidly below the national average.

Duplexes, homes converted to apartments or other small apartment buildings are the single most common housing type in Troy, accounting for 45.43% of the city's housing units. Other types of housing that are prevalent in Troy include large apartment complexes or high rise apartments ( 25.38%), single-family detached homes ( 24.24%), and a few row houses and other attached homes ( 4.24%). Cities that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of cities are often walkable and compact, and often have a lively downtown.

Troy is dominated by renter-occupied one, two, or no bedrooms apartments. 68.89% of Troy's dwellings are rentals.

The housing in Troy was primarily built before 1939 ( 52.80%), making the housing stock in Troy some of the oldest overall in America, although there is a range of ages of homes in Troy. The next most important housing age is between 1940-1969 ( 21.54%), followed by between 1970-1999 ( 18.26%). There's also some housing in Troy built between 2000 and later ( 7.40%).

Vacant housing appears to be an issue in Troy. Fully 14.08% of the housing stock is classified as vacant. Left unchecked, vacant Troy homes and apartments can be a drag on the real estate market, holding Troy real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Troy Home Appreciation Rates

Troy's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Troy during the period has been just 4.75%, which is lower than 80% of US communities.

Appreciation rates are so strong in Troy that despite a nationwide downturn in the housing market, Troy real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Troy appreciation rates continue to be some of the highest in America, at 11.30%, which is higher than appreciation rates in 98.18% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Troy. Troy appreciation rates in the latest quarter were at 4.90%, which equates to an annual appreciation rate of 21.09%.

Importantly, NeighborhoodScout’s exclusive research found that Troy's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which may signal the city’s near-future real estate investment strength.

Relative to New York, our data show that Troy's latest annual appreciation rate is higher than 90% of the other cities and towns in New York.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Troy differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Troy - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Troy real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$219,952

Troy, NY Home Prices
> $1,306,000
$979,001 - $1,306,000
$653,001 - $979,000
$522,001 - $653,000
$392,001 - $522,000
$261,001 - $392,000
$131,001 - $261,000
$65,001 - $131,000
$0 - $65,000
0.7%
0.7%
1.2%
1.2%
1.8%
1.8%
7.2%
7.2%
5.3%
5.3%
20.9%
20.9%
47.1%
47.1%
12.7%
12.7%
3.1%
3.1%
0% 100.0%
% of Homes
Low

for New york

Low

for nation

Number of Homes And Apartments:

21,574

Troy Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,698 / per month

Homeownership Rate

Owners
Renters
31.1%
31.1%
68.9%
68.9%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
14.1%
14.1%
85.9%
85.9%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
7.4%
7.4%
18.3%
18.3%
21.5%
21.5%
52.8%
52.8%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
24.2%
24.2%
4.2%
4.2%
45.4%
45.4%
25.4%
25.4%
0.7%
0.7%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
3.2%
3.2%
19.7%
19.7%
35.5%
35.5%
27.2%
27.2%
10.8%
10.8%
3.6%
3.6%
0% 100.0%
% of Homes