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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Troy, NC Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Troy, NC Housing Market Trends

With 2,945 people, 1,035 houses or apartments, and a median cost of homes of $247,420, house prices in Troy are solidly below the national average.

Single-family detached homes are the single most common housing type in Troy, accounting for 55.87% of the town's housing units. Other types of housing that are prevalent in Troy include duplexes, homes converted to apartments or other small apartment buildings ( 32.47%), large apartment complexes or high rise apartments ( 5.05%), and a few row houses and other attached homes ( 4.01%).

Renters dominate Troy's housing market, and most live in three of four bedroom dwellings, chiefly found in single-family detached homes.

There is a lot of housing in Troy built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Troy built between 1940-1969 ( 37.00%). A lesser amount of the housing stock also hails from before 1939 ( 11.96%). There's also some housing in Troy built between 2000 and later ( 6.17%).

Vacant housing appears to be an issue in Troy. Fully 23.11% of the housing stock is classified as vacant. Left unchecked, vacant Troy homes and apartments can be a drag on the real estate market, holding Troy real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Troy Home Appreciation Rates

In the last 10 years, Troy has experienced some of the highest home appreciation rates of any community in the nation. Troy real estate appreciated 135.28% over the last ten years, which is an average annual home appreciation rate of 8.93%, putting Troy in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Troy definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Troy that despite a nationwide downturn in the housing market, Troy real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Troy appreciation rates continue to be some of the highest in America, at 8.02%, which is higher than appreciation rates in 70.41% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Troy. Troy appreciation rates in the latest quarter were at 1.46%, which equates to an annual appreciation rate of 5.96%.

Relative to North Carolina, our data show that Troy's latest annual appreciation rate is higher than 70% of the other cities and towns in North Carolina.

Average Home Values

Median Home Value

$247,420

Troy, NC Home Prices
> $1,592,000
$1,193,001 - $1,592,000
$796,001 - $1,193,000
$637,001 - $796,000
$477,001 - $637,000
$318,001 - $477,000
$159,001 - $318,000
$80,001 - $159,000
$0 - $80,000
0.0%
0.0%
0.0%
0.0%
3.1%
3.1%
0.9%
0.9%
13.1%
13.1%
18.0%
18.0%
38.2%
38.2%
15.8%
15.8%
10.9%
10.9%
0% 100.0%
% of Homes
Average

for North carolina

Average

for nation

Number of Homes And Apartments:

1,035

Troy Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,145 / per month

Homeownership Rate

Owners
Renters
32.0%
32.0%
68.0%
68.0%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
23.1%
23.1%
76.9%
76.9%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
6.2%
6.2%
44.9%
44.9%
37.0%
37.0%
12.0%
12.0%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
55.9%
55.9%
4.0%
4.0%
32.5%
32.5%
5.1%
5.1%
2.6%
2.6%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
1.0%
1.0%
10.2%
10.2%
26.7%
26.7%
52.6%
52.6%
8.8%
8.8%
0.7%
0.7%
0% 100.0%
% of Homes