Troy, MI—48085
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 $450,000, with a year-over-year change of 4.0%. 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 | $450,000 | 4.0% |
| Single Family | $449,000 | 3.7% |
| Condos | $450,000 | 5.6% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $339,000 | 4.6% |
3 Bed | $406,000 | 3.0% |
4 Bed | $494,000 | 4.0% |
| 5 Bed | $642,000 | 3.9% |
% of Housing Stock
Rental Trends — Troy, MI
As of July '25, Rentcast reports the average rent in Troy, MI is $2,860, with a year-over-year rent change of -0.3%. Per bedroom, the median rent as of July '25 in Troy, MI is 2-bedrooms: $2,240, 3-bedrooms: $2,730, 4-bedrooms: $3,120. The most common rental property sizes in Troy, MI are 3-bedroom and 4-bedroom, accounting for 80.2% and 14.2% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,800 | $2,860 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | $2,150 | $2,240 |
| 3 Bed Rent | $2,750 | $2,730 |
| 4 Bed Rent | $3,000 | $3,120 |
% 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 41. This is a increase of 18.0% 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 23.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $520,000 | -5.0% |
Listing Count | 105 | 24.0% |
| Listings as % of Homes | 0.3% | 24.0% |
Days on Market | 41 | 18.0% |
Demographics — Troy, MI
As of the latest ACS Survey released in 2023, Troy, MI has a population of 27,400, which has increased by 5.5% over the past 5 years. Troy, MI is a moderately popular place for families, as children make up 23.3% of the population. The area has a highly educated workforce, with 59.0% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 20.2% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 27,400 | 5.5% |
% Under 18 | 23.3% | -1.7% |
% Seniors | 17.4% | 5.5% |
% WFH | 20.2% | 296.1% |
% w/ College Degree | 59.0% | 0.9% |
As of the latest ACS Survey released in 2023, Troy, MI is a predominantly white area, with 68.5% of the population identifying as white. The white population has shrunk by 5.4% in the last 5 years. The second most common race or ethnicity in Troy, MI is asian, making up 20.8% of the population. Foreign-born residents account for 25.7% of the population in Troy, MI, and this percentage has increased by 9.4% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 68.5% | -5.4% |
% Black | 4.5% | 40.6% |
% Hispanic | 2.1% | 5.0% |
% Asian | 20.8% | 5.1% |
% Foreign Born | 25.7% | 9.4% |
Mortgage and Risk — Troy, MI
According to HUD data as of 2023, there were 439 mortgage originations in Troy, MI, of which 96.0% of loans were conventional mortgages. The average loan-to-value was 57.0%, with 16.0% above 90% LTV (elevated). This implies medium mortgage risk in Troy, MI. Investor activity is low, as 2.0% of loans were by investors. 16.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 439 |
% Conventional Loans | 96.0% |
% Government Loans | 4.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 16.0% |
Loan Activity
Rentals and Section 8 — Troy, MI
Troy, MI lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | N/A |
Total Units Section 8 | N/A |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $1,640 |
| 2 Bedroom | -$80 | $2,150 | $2,070 |
| 3 Bedroom | -$210 | $2,750 | $2,540 |
| 4 Bedroom | -$260 | $3,000 | $2,740 |
Affordability — Troy, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.7 |
| Median Home Price | $450,000 |
| Median Household Income | $144,000 |