Oakland County, Michigan
Local mortgage guidance for Troy buyers and homeowners, with options shopped across multiple wholesale lenders and one Michigan broker who stays with your file.
Troy is metro Detroit's corporate spine, a city of near 90,000 people (World Population Review) with a median household income around $120,000. Big Beaver Road's "Golden Corridor" stacks office towers and automotive-supplier, finance and health care employers along I-75, including Kelly Services' headquarters, Flagstar Bank, Magna International, Altair Engineering and Corewell Health, with the Somerset Collection anchoring upscale retail in the middle of it. Families chasing the Troy School District are a steady part of demand.
The housing runs from older brick ranches and colonials in the southeast to established subdivisions like Stonehenge and Charnwood in the northwest, with condos near the mall and estate homes off Wattles. Prices follow that pattern: about $352,000 in southeast 48083, $415,000 to $440,000 in northeast 48085, roughly $450,000 around Big Beaver and Somerset in 48084, and about $463,000 to $475,000 in northwest 48098, while luxury pockets push past $600,000. Most homes across the city go pending in roughly 15 to 26 days, while 48083 averages about 41 days on market, giving entry-level buyers a little more room.
By the numbers
Values move. Treat these as orientation and let us pull current figures for the address you are considering.
Typical home value, from the market research on this page
Typical rise in taxable value the year after a home sells, 2026 Uncapping Study
Effective property tax rate, as a share of value
Residential ZIP codes: 48083, 48084, 48085, 48098
To comfortably carry the ~$352,000 median 48083 home, plan on roughly $95,000-$105,000 in household income, figuring a 10-20% down payment, a rate near 6.5-7%, and about $3,400/year in taxes at a ~28% front-end DTI. Property taxes are a 48083 advantage: Troy's effective rate is ~1.28%, but this ZIP carries the lowest median bill of any Troy ZIP, around $3,402/year, because of how school-district millages fall. Always confirm the principal-residence (homestead) exemption. At this price point most 48083 purchases stay well under conforming limits, so FHA and first-time-buyer programs, including MSHDA down-payment assistance, fit better here than jumbo financing.
Nearly every Troy purchase fits well under the 2026 conforming limit of $832,750, so loan size is rarely the constraint.
Sub-markets
Troy spans 4 residential ZIP codes, and they are different sub-markets.
The median sale price in 48083 sits around $352,000, the most affordable of Troy's four ZIPs, where the city-wide median runs closer to $415,000. Values have been roughly flat year-over-year; Zillow shows Troy home values down about 0.2% over the past twelve months, with some short-term three-month windows dipping more sharply. Homes move at about 41 days on market against roughly 2.1 months of inventory, a seller-leaning balance. Demand here is driven by affordability relative to the rest of Troy, proximity to the Big Beaver job corridor, and the older-but-solid ranch-and-colonial housing stock that gives entry-level buyers room to compete. Named areas: Raintree Village, Beaver Trails, Eden Gardens.
Most 2026 data pegs the typical 48084 home around $450,000, though sources spread from roughly $415K (Zillow citywide) to about $482K for the ZIP itself. Year over year the market is essentially flat, Zillow shows -0.2% citywide while Redfin reported a sharper -5.9% dip, so the read on direction depends on the source. Homes are taking about 20 days to sell, up from roughly 13 a year earlier, meaning the frenzy has cooled but inventory still moves. Demand is driven by Troy School District's reputation, Somerset-corridor employers, and quick I-75 access, while the Somerset and Wattles luxury pockets pull the high end past $600K. Named areas: Big Beaver / Coolidge high-rise & condo corridor, Somerset / Wattles luxury pockets.
The typical 48085 home runs roughly $415,000 to $440,000, though single-family houses in this ZIP often list closer to $450,000 and condos hover near $320,000. Year-over-year direction depends on the source, Zillow shows +3.0% while Redfin reports -5.9% over three months, netting out to roughly flat-to-slightly-up. Pace is the real story: homes go pending in a median of 18 to 26 days, down about 20% year over year, often with around three competing offers. Demand is driven by the school district, corporate-HQ employment, and easy I-75 access, all of which keep inventory tight and well-prepared buyers winning. Named areas: Sylvan Glen / Golf Estates, Meadowland Estates, Serravale / Elgin Corners.
Troy's citywide median sale price ran about $475,000 in spring 2026, and 48098 specifically tends to land a touch higher, roughly $463,000 to $475,000 (Redfin). (Zillow's blended "typical value" of about $415,000 looks lower only because it folds in condos and cheaper Troy ZIPs.) Year-over-year prices are roughly flat to modestly soft, with Zillow's ZHVI near -0.2%. Demand stays hot: homes typically go pending in about 15 days, and the most desirable listings move in roughly a week, often at or above list. School zoning, corridor jobs, and limited new construction keep 48098 a firm seller's market. Named areas: Charnwood Hills / Lake Charnwood, Stonehenge, Beach Forest.
Where to look
(~$350,000 to $500,000), a central, established family enclave near freeways and shopping.
(~$300,000-$475,000), an established planned subdivision in the Troy area.
(~$350,000-$600,000+), a blend of established homes and newer construction.
(~$500,000 to $1,200,000): Upscale northern-Troy pocket in the Athens High School zone, the priciest tier in 48098.
(~$400,000 to $650,000): Upper-middle-income streets with mature trees wrapping the Sylvan Glen golf course; NeighborhoodScout pegs the median near $515,000.
~$250K-$500K+. Walkable to Somerset, in one of the highest-income census areas in the U.S.
$600K-$1M+. Estate-style homes at the top of the Troy market.
(~$400,000-$550,000): Established single-family subdivision in the heart of the 48085 quadrant.
(~$425,000-$600,000): Newer-build pockets in northeast Troy.
(~$450,000-$700,000): Established northwest-Troy subdivision with larger colonials and quiet cul-de-sacs like Stonehenge Court.
(~$400,000-$650,000): Well-regarded family subdivision with mature trees and sidewalks.
(~$375,000-$600,000): Older established neighborhoods along the Wattles/Long Lake corridor.
Most addresses feed the highly rated Troy School District, but the southwestern slice of 48084 falls within Birmingham Public Schools, confirm the assignment per address. ZIP 48085 covers northeast Troy, where these named subdivisions anchor the market: Most of 48085 falls in the highly rated Troy School District (Troy High, Athens High), with portions of the north and east served by Avondale School District, confirm the assignment by exact address.
Michigan property taxes
The year after a Michigan home sells, its taxable value resets to half of the assessor's market value, so the seller's tax bill is not your tax bill.
In the City of Troy, our 2026 Uncapping Study found taxable value typically rises about 40% the year after a sale: roughly $1,490 more in first-year tax on a $300,000 home at the local homestead millage. We build your payment on that post-sale number.
I'd much rather somebody ask me, "Why are your taxes higher than what I'm seeing online?" than have them build a housing budget around the wrong assumption.
Local resources
The official offices behind the tax and school details on this page.
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The median sale price in 48083 is roughly $352,000, making it the most affordable of Troy’s ZIP codes (Troy city-wide typically runs around $415,000). Prices in 48083 range widely from the low $200,000s for older ranches to $800,000+ for newer or larger homes.
Quickly. Troy is a competitive market where homes spend a median of roughly 18-26 days on the market in 2026 (down about 20% year over year), often drawing multiple offers. Pre-approval and a tight offer strategy matter here.
Yes. Troy homes are averaging around 41 days on market with only about 2.1 months of inventory, which keeps it a relatively tight, seller-leaning market. Well-priced 48083 homes, especially affordable starter properties, tend to move faster than the city average.
Homes in Troy are taking about 20 days to sell as of spring 2026, up from roughly 13 days a year earlier, so the market has cooled slightly but remains active. Prices are essentially flat year over year, with one source showing a small dip, so buyers have a bit more breathing room than in recent peak years.
The median effective property tax rate in 48085 is about 1.24%. Your actual bill is the combined City of Troy, Oakland County, and school-district millage, and Michigan’s Principal Residence (homestead) Exemption lowers the rate on an owner-occupied home versus a rental or second home.
To comfortably afford the ~$352,000 median home, plan on roughly $95,000-$105,000 in household income (assuming a 10-20% down payment, a rate around 6.5-7%, and about $3,400/year in property taxes). 48083 is often the entry point for first-time buyers who want Troy’s location at a lower price.
Most of Troy, including the majority of 48085, is in the highly rated Troy School District. Portions of northern and eastern Troy fall within Avondale School District, and a small slice of the city is served by Lamphere Public Schools, so buyers should confirm the assigned district by exact address.
It’s about 21-22 miles, or roughly 25-35 minutes by car via I-75 depending on traffic. Troy’s central Oakland County location also puts major job centers like the Big Beaver corporate corridor, Somerset Collection, and Sterling Heights within a short drive, plus SMART FAST bus service to Detroit.
Yes. Downtown Detroit is about 20-22 miles south, a 25-35 minute drive on I-75, and the ZIP sits in Troy’s Big Beaver ‘Golden Corridor’ near the Somerset Collection, major automotive and finance employers, and quick access to Birmingham, Royal Oak, and Auburn Hills, which makes it convenient for a wide range of commutes.
Tell Samantha what you are trying to do in Troy and she will tell you what actually matters for your situation, including whether the timing is right.
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Align Lending LLC, NMLS #2041154. Samantha Shelton, NMLS 1647301. Equal Housing Opportunity. Licensed in Michigan, Ohio, North Carolina, Florida, Louisiana and Texas. Figures on this page are market research for orientation, not a quote. This page is for educational purposes only. It is not a credit decision, a preapproval, a commitment to lend, or an offer of credit.
