Troy, AL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Troy, AL Real Estate Data


Troy Housing Market Information

With a population of 18,853, 6,762 total housing units (homes and apartments), and a median house value of $159,738, Troy real estate is some of the most expensive in Alabama, although Troy home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Troy, accounting for 55.83% of the city's housing units. Other types of housing that are prevalent in Troy include large apartment complexes or high rise apartments ( 18.54%), duplexes, homes converted to apartments or other small apartment buildings ( 14.27%), and a few mobile homes or trailers ( 10.84%).

The most prevalent building size and type in Troy are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 44.05% owning and 55.95% renting.

There is a lot of housing in Troy built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Troy built between 2000 and later ( 22.49%). A lesser amount of the housing stock also hails from between 1940-1969 ( 21.45%). There's also some housing in Troy built before 1939 ( 6.15%).

Vacant housing appears to be an issue in Troy. Fully 14.09% 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

Appreciation rates for homes in Troy have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 6.75%, which ranks in the top 50% nationwide. This equates to an annual average Troy house appreciation rate of 0.66%.

Over the last year, Troy appreciation rates have trailed the rest of the nation. In the last twelve months, Troy's appreciation rate has been 3.76%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Troy were at 1.31%, which equates to an annual appreciation rate of 5.35%.

Relative to Alabama, our data show that Troy's latest annual appreciation rate is lower than 50% of the other cities and towns in Alabama.

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:
$159,738

Troy, AL HOME PRICES

Value Range
> $1,086,000 0.3
$815,001 - $1,086,000 0.1
$543,001 - $815,000 0.6
$434,001 - $543,000 1.4
$326,001 - $434,000 4.8
$217,001 - $326,000 18.7
$108,001 - $217,000 38.8
$54,001 - $108,000 15.4
$0 - $54,000 19.9

Very High for AL
Average for Nation

Value Relative to Nation Value Relative to State
46.805645019617 12.75

Number Of Homes And Apartments:
6,762

Rent & Ownership

 

Average Market Rent:
$884 / per month

Homeownership Rate

Homeownership
Owners 44.05
Renters 55.95
Vacant 14.09

Housing Market Details

 

Age of Homes

AGE OF Troy HOMES
2000 or Newer 22.5
1970 - 1999 49.9
1940 - 1969 21.4
1939 or Older 6.1

Types of Homes

TYPE OF Troy HOMES
Single-Family 55.8
Townhomes 0.5
Small Apt. Buildings 14.3
Apt. Complexes 18.5
Mobile Homes 10.8
Other 0.0

Home Size

SIZE OF Troy HOMES
No Bedroom 0.32
1 Bedroom 10.16
2 Bedrooms 24.90
3 Bedrooms 48.13
4 Bedrooms 15.11
5 or more bedrooms 1.38

Troy Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
AL*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
33.83% 1.73% 6 4
* 10 is highest