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Sarah Mitchell
Compass Real Estate · ZIP 48098
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48098 ZIP Code Housing Market
$581,000median sale price
What is the 48098 housing market like right now?
The median home sale price in ZIP code 48098 is $581,000, up 5.6% year-over-year. Homes sell in an average of 18 days with 32 active listings. The market is currently a balanced market. (Source: Redfin monthly MLS data, as of March 2026 — the most recent Redfin release; Redfin publishes each month's data on a ~6-week lag.)
Is the 48098 ZIP code a buyer's or seller's market?
ZIP code 48098 is currently a balanced market and homes selling in about 18 days. How we determine this →
What are the latest 48098 housing market stats?
| Metric | Value |
|---|---|
| Median sale price | $581,000 |
| Median list price | $602,394 |
| Year-over-year price change | +5.6% |
| Average days on market | 18 days |
| Active inventory | 32 listings |
| Sale-to-list price ratio | 99.4% |
| Market condition | Balanced market |
Source: Redfin · Updated monthly
The 48098 zip code, located in Troy, MI, is currently classified as a balanced market. The median sale price stands at $581,000, representing a +5.6% change year over year. Homes in this area spend an average of 18 days on the market before going under contract. There are currently 32 active listings in the area, which influences how much negotiating power buyers and sellers have.
ZIP 48098 sits in the Troy, MI area, roughly 2 miles from downtown Troy. Because home prices are set street by street, this ZIP can move differently from Troy's citywide averages. The figures below reflect 48098 specifically — drawn from Redfin transactions, U.S. Census data for its 20,936 residents, and Zillow value estimates.
Homes sold
44
Last 12 weeks
Days on market
18
Fast-moving
Active listings
32
Sale-to-list
99.4%
Below asking
What is driving the 48098 housing market?
The 48098 real estate market is shaped by a combination of local demand, housing supply, and broader economic trends. As a balanced market, homes are selling at approximately 99.4% of their listed price.
Year-over-year price trends are one of the most important indicators for both homebuyers and investors. Prices in 48098 have increased +5.6% compared to last year, suggesting continued demand and potential for further appreciation. For context, it's valuable to compare this trend against neighboring zip codes and the broader metro area to determine whether this performance is localized or part of a regional pattern.
The Zillow Home Value Index (ZHVI) for 48098 stands at $603,128, which represents Zillow's estimate of the typical home value in the area. The Zillow Observed Rent Index (ZORI) indicates typical rents of $1,991 per month. This gives a price-to-rent ratio of approximately 25.2, which indicates that renting may be more cost-effective than buying in the short term, though long-term appreciation could shift that calculus. Use our mortgage calculator to estimate monthly payments based on current home values and interest rates.
Who lives in 48098?
Population
20,936
Median income
$164,759/yr
Median age
46.5 years
Owner-occupied
91.1%
College grads
76.9%
Avg commute
26.1 min
What is it like living in 48098?
Zip code 48098 is home to approximately 20,936 residents. The median household income is $164,759 per year, which shapes the types of homes and amenities available in the area. With a median age of 46.5 years, the community's age profile influences everything from school enrollment to local business types and recreational offerings. Approximately 91.1% of housing units are owner-occupied, indicating a stable, ownership-oriented community where residents have a vested interest in maintaining property values and neighborhood quality.
About 76.9% of residents hold a bachelor's degree or higher, which often correlates with access to knowledge-economy jobs and higher earning potential in the area. The average commute time is 26.1 minutes, which is close to the national average. These demographic factors, combined with the market data above, help paint a complete picture of what it's like to live and own property in 48098.
Which public schools serve ZIP 48098?
5 schools tracked · 3,281 students
The largest public schools serving ZIP code 48098 by enrollment, drawn from the National Center for Education Statistics. School quality is a commonly cited factor in home-buying decisions — these are the campuses families in this area are most likely to encounter.
Troy High School
Grades 9-12 · 2,044 students
Hamilton Elementary School
Grades K-5 · 449 students
Martell Elementary School
Grades K-5 · 366 students
Woodland Elementary School
Grades PK-5 · 334 students
Troy Early Childhood
Grades PK-K · 88 students
Source: National Center for Education Statistics, Common Core of Data directory. Updated annually. Ratings and test scores are not currently displayed.
Frequently asked questions about 48098
What is the median home price in 48098?
The current median sale price in 48098 is $581,000, based on recent Redfin transaction data. Prices have changed +5.6% compared to last year. For the most up-to-date pricing and to see how this compares to nearby areas, use our comparison tool.
Is 48098 a buyer's or seller's market?
The 48098 zip code is currently classified as a balanced market. This assessment is based on key indicators including months of supply, sale-to-list price ratios, and average days on market.
What is the population of zip code 48098?
Zip code 48098 has a population of approximately 20,936 residents. The median household income is $164,759 per year. About 91.1% of homes are owner-occupied. This data is sourced from the U.S. Census Bureau and is updated annually.
How do I research neighborhoods in 48098?
Properties Incorporated provides comprehensive data for 48098 including median home prices, price history charts, days on market, active inventory, and Census Bureau demographics. To compare this area with other zip codes or cities, use our comparison tool. For mortgage planning, our mortgage calculator estimates monthly payments based on current prices and interest rates.
How often is the data for 48098 updated?
Market data on Properties Incorporated is updated regularly as new information becomes available. Redfin sales data is typically refreshed monthly, Zillow home value and rent estimates update monthly, and Census Bureau demographics are updated annually.
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