Troy, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Troy Neighborhoods Since 2000




Troy, MI Real Estate Data

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Troy Housing Market Information

With 83,280 people, 30,812 houses or apartments, and a median cost of homes of $290,849, 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 70.79% of the city's housing units. Other types of housing that are prevalent in Troy include large apartment complexes or high rise apartments ( 16.55%), row houses and other attached homes ( 6.03%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.71%).

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 72.42% of Troy's homes, and 70.56% 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 ( 25.58%). A lesser amount of the housing stock also hails from between 2000 and later ( 9.26%). There's also some housing in Troy built before 1939 ( 1.88%).

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 5.11%, which ranks in the top 40% nationwide. This equates to an annual average Troy house appreciation rate of 0.50%.

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 6.11%, which is higher than appreciation rates in 74.97% 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 1.86%, which equates to an annual appreciation rate of 7.66%.

Importantly, this makes Troy one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Michigan, our data show that Troy's latest annual appreciation rate is higher than 50% 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:
$290,849

Troy, MI HOME PRICES

Value Range
> $1,264,000 0.2
$948,001 - $1,264,000 0.4
$632,001 - $948,000 3.7
$506,001 - $632,000 7.4
$379,001 - $506,000 14.7
$253,001 - $379,000 31.7
$126,001 - $253,000 31.8
$63,001 - $126,000 7.0
$0 - $63,000 3.1

Very High for MI
Very High for Nation

Value Relative to Nation Value Relative to State
17.1393413805227 5.76923076923077

Number Of Homes And Apartments:
30,812

Troy Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
14.08% 0.77% 7 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,699 / per month

Homeownership Rate

Homeownership
Owners 72.42
Renters 27.58
Vacant 5.22

Housing Market Details

 

Age of Homes

AGE OF Troy HOMES
2000 or Newer 9.3
1970 - 1999 63.3
1940 - 1969 25.6
1939 or Older 1.9

Types of Homes

TYPE OF Troy HOMES
Single-Family 70.8
Townhomes 6.0
Small Apt. Buildings 5.7
Apt. Complexes 16.6
Mobile Homes 0.9
Other 0.0

Home Size

SIZE OF Troy HOMES
No Bedroom 0.83
1 Bedroom 9.00
2 Bedrooms 16.02
3 Bedrooms 35.67
4 Bedrooms 34.89
5 or more bedrooms 3.59