It’s no wonder more than 83,000 residents call Troy, Michigan home. The Detroit Free Press reports Detroit area home sales are up 22.4% in July, compared to a year earlier. Sales in Oakland County were up 17.4% with 1,636 home sales. This, in spite of the large number of foreclosures continuing to hit the market.
Just look at the signs. Among them, the latest reports from the commerce department, tell us the recession is ending. The statistical folks say the rate of decline in the value of homes in Troy has slowed considerably since the 3rd quarter of 2007.
At the same time, the median sales price for homes in Oakland County was down 33.3% from year ago levels. The upside is, the median sales price of non-foreclosed homes doubled from year ago levels.
Does this mean it may be your time to buy Troy? No one can say for certain if the real estate market has ‘bottomed out’. What can be said is there is an underlying strength developing in the economy and the housing market in particular.
And not to forget – the first-time homebuyer tax credit expires the end of November. That means buyers must close their purchase by November 30, 2009 to qualify for the $8,000 first-time homebuyer tax credit.
Remember “Cash for Clunkers” and the rush to buy that new car before the $4,500 cash rebate offer expired? With the likelihood the first-time homebuyers tax credit too will expire on November 30, 2009, now is a great time to browse the map at http://troy.centricliving.com and see if anything catches your eye.
Troy Compared to the State of Michigan
• Median household income significantly above state average
• Median house value significantly above state average
• Unemployed percentage significantly below state average
• Percentage of renters below state average
• Percentage of population with bachelor’s degree or higher above state average
• Average household size - 2.7 people
• Percentage of family households 72.9%
