Troy Real Estate
6 neighborhoods and communities
Active listings 171
Sold (past 12mo) 852
HFG +9.9%ⓘ
Household Formation Gap (HFG) is a secondary market indicator that measures hidden housing demand created by shrinking household sizes. As average household size decreases — due to divorce, single living, empty nesting, delayed marriage — more housing units are needed even without population growth. HFG compares the estimated number of households needed today versus 15 years ago: (population ÷ avg household size). This is a demographic trend signal, not a primary market indicator like income-based affordability or comparative market analysis. Source: U.S. Census Bureau, American Community Survey 5-Year Estimates (2009–2023), Tables B01003, B25010, B25001.
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Condo Communities(6)
Frequently Asked Questions about Troy
What is the current real estate inventory in Troy?
There are currently 171 active listings in Troy. The median asking price is $442,225.
What is the median home price in Troy?
Homes in Troy sell for a median of $442,225, drawn from 852 transactions over the past year.
How fast do homes sell in Troy?
The average days on market in Troy is 56, based on 852 recent transactions.
What areas make up Troy?
There are 6 neighborhoods and condo communities in Troy. Of these, 6 are condo communities.
What school districts serve Troy?
Troy is served by one or more public school districts. In Michigan, school district boundaries do not always align with city limits, so different parts of Troy may be zoned for different districts. Check individual listings for the specific school district assignment.
Is Troy a buyer's or seller's market?
With 2.4 months of inventory, Troy is currently a seller's market. This is based on 171 active listings and 852 sales in the past 12 months.
How much are property taxes in Troy?
Michigan property taxes in Troy are calculated using the State Equalized Value (SEV) times the local millage rate. Rates vary by school district and municipality. Primary residences qualify for a homestead exemption that reduces the tax rate.
What is the Household Formation Gap in Troy?
Census demographic data shows a +9.9% Household Formation Gap in Troy. As average household size fell from 2.64 to 2.61, the estimated number of households grew by 3,005. Population grew 8.6% over the same period. HFG is a secondary market indicator reflecting household formation trends, distinct from primary indicators like comparative market analysis.
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