The housing market in Troy continues to see strong price appreciation, with values up 13.8% compared to last year. Home prices have increased 2.1% in the past month alone. At the current pace, all available homes in Troy would sell out in just 1.5 months, indicating a continued supply shortage. Homes are now taking an average of 27 days to sell, significantly longer than the 16 days typical for this market. A significant 22.2% of listings experienced price reductions, indicating sellers may be adjusting to market realities. Approximately 48.6% 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 28.5. Based on current market indicators, home prices in Troy are projected to decrease by approximately 11.7% over the next month.