Troy, MI—48084
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 $469,000, with a year-over-year change of 3.9%. This indicates that home prices in Troy, MI are increasing. According to Zillow, the 1-year price projection is 1.2%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $469,000 | 3.9% |
| Single Family | $524,000 | 4.2% |
| Condos | $282,000 | 6.8% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $293,000 | 5.4% |
3 Bed | $434,000 | 2.6% |
4 Bed | $581,000 | 4.3% |
| 5 Bed | $733,000 | 3.2% |
% of Housing Stock
Rental Trends — Troy, MI
As of July '25, Rentcast reports the average rent in Troy, MI is $2,490, with a year-over-year rent change of -8.8%. Per bedroom, the median rent as of July '25 in Troy, MI is studios: $1,450, 1-bedrooms: $1,750, 2-bedrooms: $2,310, 3-bedrooms: $2,770, 4-bedrooms: $3,840. The most common rental property sizes in Troy, MI are 2-bedroom and 1-bedroom, accounting for 54.8% and 30.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,300 | $2,490 |
| Studio Rent | $1,450 | $1,450 |
| 1 Bed Rent | $1,450 | $1,750 |
| 2 Bed Rent | $2,300 | $2,310 |
| 3 Bed Rent | $2,600 | $2,770 |
| 4 Bed Rent | $3,400 | $3,840 |
% 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 52. This is a decrease of -1.0% from last year, suggesting that homes are sitting on the market about the same amount of time than last year. The percentage of listed homes with a reduced price is 45.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $379,000 | -24.0% |
Listing Count | 40 | 12.0% |
| Listings as % of Homes | 0.1% | 12.0% |
Days on Market | 52 | -1.0% |
Demographics — Troy, MI
As of the latest ACS Survey released in 2023, Troy, MI has a population of 15,700, which has remained stable by -0.4% over the past 5 years. Troy, MI is a moderately popular place for families, as children make up 21.3% of the population. The area has a highly educated workforce, with 73.4% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 21.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 15,700 | -0.4% |
% Under 18 | 21.3% | -7.0% |
% Seniors | 13.5% | -2.9% |
% WFH | 21.7% | 456.4% |
% w/ College Degree | 73.4% | 6.2% |
As of the latest ACS Survey released in 2023, Troy, MI is a predominantly white area, with 53.3% of the population identifying as white. The white population has shrunk by 2.9% in the last 5 years. The second most common race or ethnicity in Troy, MI is asian, making up 33.5% of the population. Foreign-born residents account for 34.7% of the population in Troy, MI, and this percentage has decreased by 0.6% 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 | 53.3% | -2.9% |
% Black | 5.9% | 25.5% |
% Hispanic | 3.7% | 94.7% |
% Asian | 33.5% | -2.9% |
% Foreign Born | 34.7% | -0.6% |
Mortgage and Risk — Troy, MI
According to HUD data as of 2023, there were 195 mortgage originations in Troy, MI, of which 98.0% of loans were conventional mortgages. The average loan-to-value was 61.0%, with 19.0% above 90% LTV (elevated). This implies medium mortgage risk in Troy, MI. Investor activity is low, as 2.0% of loans were by investors. 9.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 195 |
% Conventional Loans | 98.0% |
% Government Loans | 2.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 9.0% |
Loan Activity
Rentals and Section 8 — Troy, MI
As of 2024, the percent of homes in Troy, MI under the Section 8 program is 0.1%. This is considered low, suggesting that the neighborhood is sparsely 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 | 17 |
Total Units Section 8 | 2 |
% Rentals under Section 8 | 0.1% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $40 | $1,450 | $1,490 |
| 2 Bedroom | -$410 | $2,300 | $1,890 |
| 3 Bedroom | -$280 | $2,600 | $2,320 |
| 4 Bedroom | -$890 | $3,400 | $2,510 |
Affordability — Troy, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.8 |
| Median Home Price | $469,000 |
| Median Household Income | $106,000 |