Troy's real estate market is experiencing a price correction, with values down 22.8% from last year. Home prices have decreased 23.2% in the past month. With 4.0 months of supply, Troy's inventory levels remain relatively tight. Homes are now taking an average of 93 days to sell, significantly longer than the 22 days typical for this market. A significant 37.5% of listings experienced price reductions, indicating sellers may be adjusting to market realities. Approximately 25.0% of homes sold above list price, indicating some competitive segments within the market. Affordability remains a significant challenge in the Troy market with the affordability index at 57.7. Looking ahead, the Troy market is expected to maintain its current trajectory with relatively stable conditions.
Troy, AL has a total population of 19,851 residents. The area is predominantly White (53.5%), African American residents comprise 37.2% of the community. with Asian residents representing 3.2%. This creates a relatively diverse demographic makeup for the area. As a smaller community, Troy, AL offers a close-knit residential environment.
Crime analysis for Troy, AL shows 357 total incidents across all categories. The most prevalent crime type is Property Crime (54.1% of all incidents). This is followed by Assault at 40.1%. The crime rate in Troy, AL is relatively low, with violent crimes being more common than property crimes. While crime exists, Troy, AL maintains reasonable safety levels for most residents.
Market predictions for Troy, AL show an upward trend in home prices, with values increasing by 11.3%. This represents a significant price movement in the market. The current median home price in Troy, AL is approximately $220,779.712. Based on current trends, home prices in Troy, AL are expected to continue appreciating, making it an attractive market for sellers and long-term investors.
Troy, AL features 1 investment hotspots with varying levels of activity. The low average nightly rate of $100 indicates a budget-friendly market. The average rating of 3.3/5 suggests room for improvement in guest experience. With an average hotspot score of 0.68, these areas show good investment opportunities. With only 4 hotels, this represents an emerging market with potential for growth.
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