Troy, MI—48083
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Troy, MI
As of Oct '25, the median home price in Troy, MI is $351,000, with a year-over-year change of 3.4%. This indicates that home prices in Troy, MI are increasing. According to Zillow, the 1-year price projection is 1.1%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $351,000 | 3.4% |
| Single Family | $357,000 | 3.2% |
| Condos | $230,000 | 2.7% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $221,000 | 4.2% |
3 Bed | $330,000 | 3.1% |
4 Bed | $465,000 | 3.3% |
| 5 Bed | $532,000 | 3.7% |
% of Housing Stock
Rental Trends — Troy, MI
As of July '25, Rentcast reports the average rent in Troy, MI is $2,380, with a year-over-year rent change of 13.9%. Per bedroom, the median rent as of July '25 in Troy, MI is studios: $2,360, 1-bedrooms: $1,640, 2-bedrooms: $1,870, 3-bedrooms: $2,260, 4-bedrooms: $2,920. The most common rental property sizes in Troy, MI are 1-bedroom and 2-bedroom, accounting for 39.3% and 38.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,300 | $2,380 |
| Studio Rent | $1,740 | $2,360 |
| 1 Bed Rent | $1,030 | $1,640 |
| 2 Bed Rent | $1,800 | $1,870 |
| 3 Bed Rent | $2,350 | $2,260 |
| 4 Bed Rent | $2,900 | $2,920 |
% of Rental Stock
Property Listings — Troy, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Troy, MI is 45. This is a increase of 37.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 36.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $392,000 | 1.0% |
Listing Count | 67 | 50.0% |
| Listings as % of Homes | 0.3% | 50.0% |
Days on Market | 45 | 37.0% |
Demographics — Troy, MI
As of the latest ACS Survey released in 2023, Troy, MI has a population of 23,600, which has increased by 2.8% over the past 5 years. Troy, MI is a moderately popular place for families, as children make up 16.5% of the population. The area has a highly educated workforce, with 53.0% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 18.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 23,600 | 2.8% |
% Under 18 | 16.5% | -11.8% |
% Seniors | 19.4% | 19.0% |
% WFH | 18.8% | 437.1% |
% w/ College Degree | 53.0% | 9.7% |
As of the latest ACS Survey released in 2023, Troy, MI is a predominantly white area, with 64.4% of the population identifying as white. The white population has shrunk by 2.6% in the last 5 years. The second most common race or ethnicity in Troy, MI is asian, making up 23.1% of the population. Foreign-born residents account for 31.3% of the population in Troy, MI, and this percentage has decreased by 2.8% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 64.4% | -2.6% |
% Black | 4.3% | -24.6% |
% Hispanic | 3.1% | 10.7% |
% Asian | 23.1% | 2.2% |
% Foreign Born | 31.3% | -2.8% |
Mortgage and Risk — Troy, MI
According to HUD data as of 2023, there were 300 mortgage originations in Troy, MI, of which 94.0% of loans were conventional mortgages. The average loan-to-value was 61.0%, with 25.0% above 90% LTV (very high). This implies large mortgage risk in Troy, MI. Investor activity is low, as 1.0% of loans were by investors. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 300 |
% Conventional Loans | 94.0% |
% Government Loans | 6.0% |
% Investor Loans | 1.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 12.0% |
Loan Activity
Rentals and Section 8 — Troy, MI
As of 2024, the percent of homes in Troy, MI under the Section 8 program is 19.5%. This is considered high, suggesting that the neighborhood is heavily composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom units appear to be good home sizes to consider for Section 8 housing in Troy, MI, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 702 |
Total Units Section 8 | 702 |
% Rentals under Section 8 | 19.5% |
% Occupied Section 8 | 96.9% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $310 | $1,030 | $1,340 |
| 2 Bedroom | -$100 | $1,800 | $1,700 |
| 3 Bedroom | -$270 | $2,350 | $2,080 |
| 4 Bedroom | -$650 | $2,900 | $2,250 |
Affordability — Troy, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.5 |
| Median Home Price | $351,000 |
| Median Household Income | $88,600 |