The state of southeast Michigan’s real estate market is one of the more affected regions since the downturn. Though it is a strong buyer’s market, there are definitely some silver linings and bright spots. The home inventories in Troy, MI for example, are down from the same time last year and sales volume is only down a moderate 5%. This suggests there is still solid demand in Troy over some of the other areas in southeast Michigan.
Sales prices are down as well, close to 20% according to Realty Times. Indications are that prices will drop slowly before they gradually start to rise again. If you’re looking to buy AND sell, it’s a great time as prices are still low for your purchase with mortgage interest rates staying at record lows for the next 3-6 months.
With the low end average list price at $138,207 and the average sale price being around $133,193, this is a great time for investors to get into Troy as well. The Troy community is a very active city with a powerful sense of civic pride. Major city attractions such as the Somerset Collection and the active business community along the Big Beaver corridor will definitely anchor the city in these uncertain times.
Also adding to buyer’s desire to move to Troy:
- Troy holds the ranking of #1 safest city in Michigan and 21st safest U.S. city nationally.
- CNN Ranked Troy as “Best Place To Raise A Family”
- Troy has numerous Parks, Recreational Spaces and Golf Courses
- The Troy School District has six national blue ribbon and 13 State Exemplary Schools. The schools have a 99% graduation rate, with 95% of those students going on to higher education. Both Troy High School and Athens High School were named to the list of The 1000 Most Outstanding High Schools in the United States by Newsweek magazine.
