Troy, MI 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 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

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

Troy, MI Housing Market Trends

With a population of 84,092, 31,760 total housing units (homes and apartments), and a median house value of $343,249, Troy real estate is some of the most expensive in Michigan, 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 72.26% of the city's housing units. Other types of housing that are prevalent in Troy include large apartment complexes or high rise apartments ( 16.86%), row houses and other attached homes ( 5.15%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.04%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Troy. Owner-occupied housing accounts for 73.46% of Troy's homes, and 70.66% have either three or four bedrooms, which is average sized relative to America.

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 1940-1969 ( 26.41%). A lesser amount of the housing stock also hails from between 2000 and later ( 9.53%). There's also some housing in Troy built before 1939 ( 2.14%).

Troy Home Appreciation Rates

In the last 10 years, Troy has experienced some of the highest home appreciation rates of any community in the nation. Troy real estate appreciated 78.62% over the last ten years, which is an average annual home appreciation rate of 5.97%, putting Troy in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Troy definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

NeighborhoodScout's data show that during the latest twelve months, Troy's appreciation rate, at 5.51%, has been at or slightly above the national average. In the latest quarter, Troy's appreciation rate has been 2.47%, which annualizes to a rate of 10.27%.

Relative to Michigan, our data show that Troy's latest annual appreciation rate is lower than 80% of the other cities and towns in Michigan.

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:
$343,249

Troy, MI HOME PRICES

> $1,170,000
0.6%
0.6%
$878,001 - $1,170,000
1.3%
1.3%
$585,001 - $878,000
8.7%
8.7%
$468,001 - $585,000
13.2%
13.2%
$351,001 - $468,000
23.1%
23.1%
$234,001 - $351,000
32.3%
32.3%
$117,001 - $234,000
17.4%
17.4%
$59,001 - $117,000
1.8%
1.8%
$0 - $59,000
1.5%
1.5%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for MI

Value Relative To Nation

Number Of Homes And Apartments:
31,760

Troy Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
38.59% 1.57%
6
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,914 / per month

Homeownership Rate

Owners
73.5%
73.5%
Renters
26.5%
26.5%
Vacant
5.1%
5.1%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
9.5%
9.5%
1970 - 1999
61.9%
61.9%
1940 - 1969
26.4%
26.4%
1939 or Older
2.1%
2.1%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
72.3%
72.3%
Townhomes
5.2%
5.2%
Small Apt. Buildings
5.0%
5.0%
Apt. Complexes
16.9%
16.9%
Mobile Homes
0.7%
0.7%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.5%
1.5%
1 Bedroom
7.9%
7.9%
2 Bedrooms
16.1%
16.1%
3 Bedrooms
34.2%
34.2%
4 Bedrooms
36.5%
36.5%
5 or more bedrooms
3.8%
3.8%
0.0% 100.0%
% OF HOMES