Published October 18, 2026 in Market Update

Pending sales are up in Troy even with higher mortgage rates

By Dylan Tanaka

Real estate, Troy

Realtor.com reported that mortgage rates climbed above 7% for the first time since January 2025. That is real, and it matters. But here in Troy, buyers did not stop. The Real Estate Data Aggregator counted 308 pending sales across Troy in the three months ending August 31, 2026. That is up 16.2% from the same three months in 2025.

Pending sales measure signed contracts, not closings. They show what buyers decided to do right now, at these rates. That number going up while rates went above 7% tells you demand is still real. It is just taking a little longer to close.

Closed sales held nearly flat

The Real Estate Data Aggregator counted 276 homes sold across Troy in the three months ending August 31, 2026. That is up just 0.4% from a year before. Closings were almost flat. But with pending sales up 16.2%, more closings are likely working their way through the pipeline. The two numbers together suggest a market that slowed down a little, but did not stop.

Prices moved in different directions by ZIP code

Troy is four ZIP codes, and they do not all read the same. The Real Estate Data Aggregator tracked each one for the three months ending August 31, 2026.

That 38.7% price jump in 48098 is worth a closer look. It does not mean every home there gained that much. It means the mix of homes that sold skewed toward higher-priced properties this period. The Real Estate Data Aggregator also counted homes sold in 48098 up 16.1% year over year, so more homes traded hands too.

Homes are still selling close to asking price

In 48098, the Real Estate Data Aggregator found the average sale price was 100.5% of list price. In 48085, it was exactly 100%. In 48084, it was 99.8%. In 48083, it was 99.2%. None of those numbers say sellers are giving ground. They say pricing still needs to be right, but well-priced homes are holding their value.

Speed varied by neighborhood

The Real Estate Data Aggregator found that in 48098, the median home sold in 13 days. In 48084, it was 20 days. In 48083 and 48085, it was 22 days each. Days on market were a little longer in most ZIPs than a year ago, but 13 to 22 days is still quick. Not every home sold that fast, but the middle of the market moved.

In 48098, the Real Estate Data Aggregator found that 57.7% of homes went under contract within two weeks of listing. That share rose 14.1 points from a year before. In 48084, 44.4% went under contract that quickly, up 2.2 points. Speed held up even as rates climbed.

What the national picture adds

Nationally, Realtor.com reported that 20.8% of listings took a price cut in September 2026, the highest share since October 2022. That is worth knowing. It means sellers who overprice are feeling it more than before. Troy's own numbers show the market here is tighter than the national picture, but the lesson is the same: price it right from the start.

CNBC reported that Fannie Mae forecast the average 30-year fixed rate at 7.4% for the fourth quarter of 2026, and 7.5% for all of 2027. Rates are not expected to fall quickly. Buyers who are waiting for rates to drop before they move may be waiting a long time. That is not a reason to rush, but it is worth building into your budget now.

What this means if you are selling

Buyers are still out there in Troy. The pending sales number proves that. But they are more careful than they were a year ago. Homes that sat in 48083 took 2 days longer to sell than last year. In 48084 and 48085, it was 6 days longer. That is not a crisis, but it is a signal. Preparation and pricing still decide who sells well and who does not.

What this means if you are buying

In 48098, nearly 3 in 5 homes went under contract within two weeks of listing. In 48085, it was 43.5%. Competition is still real in parts of Troy. Know your budget before you look, because well-priced homes are not waiting around. And with rates forecast to stay above 7% into 2027 per CNBC, waiting for a rate drop may not change your options as much as you hope.

One more thing: the ZIP code numbers above are averages. One street can read very differently from the whole ZIP. A block with more recent builds, a specific school boundary, or a busy road nearby will have its own story. The numbers here give you the frame. Your home's address fills in the detail.