Troy, Michigan Housing Market

How much can you negotiate in Troy?

Only 56 out of every 100 homes for sale have found a buyer. The other 44 are still waiting. Your offer may be the only one on the table. Few sellers are dropping their price. Asking prices are holding firm. Your discount will come from one stale listing, not from the whole market.

A typical Troy home takes 27 days to find a buyer. Half of them take even longer. Those sellers are paying to own a house they want to sell. Search for homes listed 30+ days ago. There are 165 homes for sale in Troy. That is 3.1 times the tightest month on record, but below the peak of 281. Supply is growing against last year.

What to do about it

• Search Troy homes listed 30+ days ago that have already cut their price.
• Offer below the reduced price.
• Keep your inspection and financing contingencies.
• Ask the seller to pay closing costs.
• You can lose a few offers here and still win.

Is now a good time to buy in Troy?

Asking prices are 7.8% below their Mar 2024 peak. You are not buying at the top. Prices are rising again. Every month you wait costs money. The question is no longer when. It is which house. Troy prices have risen in 89 of the last 108 months. Drops here have been short and shallow. Buying in a slow month has rarely hurt a long hold.

This market is turning. Which way is not settled yet. Check the monthly numbers above before you commit.

Who will rent from you in Troy?

In Troy, 27 out of every 100 households rent. Most own their home. That share has held steady for five years. Troy added about 600 renter households in five years. Renter households average 2.1 people. Singles and couples rent here. Two bedrooms beat four.

Households grew 5% in five years. The housing stock grew 4%. The two are moving in step. Just 4.3% of homes sit empty. A well-priced rental fills fast here.

The median Troy household earns $125,928 a year. Incomes here have grown 3.7% a year since 2019. Incomes and home prices are rising in step. A typical home costs 3.9 times the median income. Locals can afford to buy here. Your exit buyer can be a family, not just another investor. A tenant on the median income can pay about $3,148 a month. That is the standard 30% affordability line. Rents above it thin your tenant pool fast.

That is the market, not your address. Run an address through the app to see its rent estimate and cash flow.

What numbers should you underwrite a Troy deal with?

• Price growth to assume — +4.5%/yr. Troy has grown about 4.6% a year for five years and for ten. That is a durable trend, not a boom artifact. It is a fair long-run input. Prices fell 3.9% over the last year. That is a timing signal, not a trend.
• Months of carrying cost — 1. A typical home takes 27 days to sell. Budget that long when you exit or refinance.
• Odds you cut your price to sell — 1 in 6. About 16% of homes on the Troy market right now have already cut their asking price. Assume you are one of them when you sell. Do not underwrite an exit at your asking price.
• Comp on this, not median price — $242/sqft. The typical Troy listing shrank from 2,544 to 2,061 sqft since Jul 2016. So median price hides real growth: 55% per sqft versus 26% on the median. Comp on median price and you will overpay for small homes.
• Competition when you exit — +32%. That is how much the number of homes for sale grew in a year. Your resale will face a bigger crowd than today's comps did.
• Price-to-income ratio — 3.9×. A typical home costs 3.9 times the median income. Locals can afford to buy here. Your exit buyer can be a family, not just another investor. Incomes and home prices are rising in step.
• Tenant rent ceiling — $3,148/mo. 30% of the median household income of $125,928. Rents above this line shrink your tenant pool fast.

Is Troy a buyer's or seller's market in 2026?

Yes, if you negotiate. Buyers have the upper hand in Troy right now. 56 out of every 100 homes for sale have a buyer, 16% of sellers have cut their price, and a typical home takes 27 days to sell.

Are Troy home prices going up or down?

Asking prices are 7.8% below their Mar 2024 peak. You are not buying at the top. Prices are rising again. Every month you wait costs money. The question is no longer when. It is which house.

What price growth should I assume for Troy?

Assume +4.5% a year. Troy has grown about 4.6% a year for five years and for ten. That is a durable trend, not a boom artifact. It is a fair long-run input. Prices fell 3.9% over the last year. That is a timing signal, not a trend.

How fast are homes selling in Troy?

A typical Troy home takes 27 days to find a buyer. Half of them take even longer. Those sellers are paying to own a house they want to sell. Search for homes listed 30+ days ago.

Is Troy a renters' market or an owners' market?

In Troy, 27 out of every 100 households rent. Most own their home. That share has held steady for five years. Just 4.3% of homes sit empty. A well-priced rental fills fast here.

What rent can Troy tenants afford?

A tenant on the median income can pay about $3,148 a month. That is the standard 30% affordability line. Rents above it thin your tenant pool fast. The median Troy household earns $125,928 a year.