Troy, MI—48098
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 $565,000, with a year-over-year change of 3.6%. 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 | $565,000 | 3.6% |
| Single Family | $597,000 | 3.1% |
| Condos | $294,000 | 1.7% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $270,000 | 0.4% |
3 Bed | $425,000 | 2.7% |
4 Bed | $652,000 | 2.5% |
| 5 Bed | $794,000 | 2.2% |
% of Housing Stock
Rental Trends — Troy, MI
As of July '25, Rentcast reports the average rent in Troy, MI is $3,060, with a year-over-year rent change of 2.3%. Per bedroom, the median rent as of July '25 in Troy, MI is 1-bedrooms: $1,270, 2-bedrooms: $2,680, 3-bedrooms: $2,710, 4-bedrooms: $3,810. The most common rental property sizes in Troy, MI are 3-bedroom and 2-bedroom, accounting for 54.2% and 31.2% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,800 | $3,060 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,270 | $1,270 |
| 2 Bed Rent | $2,400 | $2,680 |
| 3 Bed Rent | $2,600 | $2,710 |
| 4 Bed Rent | $3,200 | $3,810 |
% 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 26. This is a increase 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 42.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $565,000 | -11.0% |
Listing Count | 48 | -13.0% |
| Listings as % of Homes | 0.4% | -13.0% |
Days on Market | 26 | 1.0% |
Demographics — Troy, MI
As of the latest ACS Survey released in 2023, Troy, MI has a population of 20,700, which has increased by 7.4% over the past 5 years. Troy, MI is a moderately popular place for families, as children make up 22.6% of the population. The area has a highly educated workforce, with 76.8% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 20.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 20,700 | 7.4% |
% Under 18 | 22.6% | 1.8% |
% Seniors | 19.6% | 1.0% |
% WFH | 20.8% | 300.0% |
% w/ College Degree | 76.8% | 16.2% |
As of the latest ACS Survey released in 2023, Troy, MI is a predominantly white area, with 59.7% of the population identifying as white. The white population has shrunk by 11.8% in the last 5 years. The second most common race or ethnicity in Troy, MI is asian, making up 31.2% of the population. Foreign-born residents account for 29.9% of the population in Troy, MI, and this percentage has increased by 17.3% 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 | 59.7% | -11.8% |
% Black | 2.0% | 25.0% |
% Hispanic | 2.2% | 10.0% |
% Asian | 31.2% | 21.9% |
% Foreign Born | 29.9% | 17.3% |
Mortgage and Risk — Troy, MI
According to HUD data as of 2023, there were 345 mortgage originations in Troy, MI, of which 97.0% of loans were conventional mortgages. The average loan-to-value was 57.0%, with 17.0% above 90% LTV (elevated). This implies medium mortgage risk in Troy, MI. Investor activity is low, as 1.0% of loans were by investors. 13.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 345 |
% Conventional Loans | 97.0% |
% Government Loans | 3.0% |
% Investor Loans | 1.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 13.0% |
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 | $220 | $1,270 | $1,490 |
| 2 Bedroom | -$510 | $2,400 | $1,890 |
| 3 Bedroom | -$280 | $2,600 | $2,320 |
| 4 Bedroom | -$690 | $3,200 | $2,510 |
Affordability — Troy, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.9 |
| Median Home Price | $565,000 |
| Median Household Income | $166,000 |