Traverse City, MI—49684
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Traverse City, MI
As of Oct '25, the median home price in Traverse City, MI is $475,000, with a year-over-year change of 0.1%. This indicates that home prices in Traverse City, MI are flat. According to Zillow, the 1-year price projection is 2.5%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $475,000 | 0.1% |
| Single Family | $489,000 | -0.4% |
| Condos | $416,000 | 1.7% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $325,000 | 0.3% |
2 Bed | $406,000 | -1.0% |
3 Bed | $463,000 | 0.4% |
4 Bed | $610,000 | 1.3% |
| 5 Bed | $755,000 | 1.8% |
% of Housing Stock
Rental Trends — Traverse City, MI
As of July '25, Rentcast reports the average rent in Traverse City, MI is $2,230, with a year-over-year rent change of -3.9%. Per bedroom, the median rent as of July '25 in Traverse City, MI is studios: $1,400, 1-bedrooms: $1,560, 2-bedrooms: $2,370, 3-bedrooms: $2,480, 4-bedrooms: $2,800. The most common rental property sizes in Traverse City, MI are 2-bedroom and 1-bedroom, accounting for 44.3% and 34.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,000 | $2,230 |
| Studio Rent | $1,400 | $1,400 |
| 1 Bed Rent | $1,400 | $1,560 |
| 2 Bed Rent | $1,900 | $2,370 |
| 3 Bed Rent | $2,500 | $2,480 |
| 4 Bed Rent | $2,800 | $2,800 |
% of Rental Stock
Property Listings — Traverse City, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Traverse City, MI is 63. This is a decrease of -5.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 19.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $752,000 | 11.0% |
Listing Count | 191 | 0.0% |
| Listings as % of Homes | 0.8% | 0.0% |
Days on Market | 63 | -5.0% |
Demographics — Traverse City, MI
As of the latest ACS Survey released in 2023, Traverse City, MI has a population of 21,300, which has decreased by -47.1% over the past 5 years. Traverse City, MI is a moderately popular place for families, as children make up 16.5% of the population. The area has a highly educated workforce, with 46.4% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 13.0% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 21,300 | -47.1% |
% Under 18 | 16.5% | -21.4% |
% Seniors | 27.3% | 40.7% |
% WFH | 13.0% | 154.9% |
% w/ College Degree | 46.4% | 30.0% |
As of the latest ACS Survey released in 2023, Traverse City, MI is a predominantly white area, with 90.3% of the population identifying as white. The white population has shrunk by 1.7% in the last 5 years. The second most common race or ethnicity in Traverse City, MI is hispanic, making up 3.7% of the population. Foreign-born residents account for 2.6% of the population in Traverse City, MI, and this percentage has decreased by 10.3% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 90.3% | -1.7% |
% Black | 1.1% | 57.1% |
% Hispanic | 3.7% | 0.0% |
% Asian | 0.9% | 80.0% |
% Foreign Born | 2.6% | -10.3% |
Mortgage and Risk — Traverse City, MI
According to HUD data as of 2023, there were 252 mortgage originations in Traverse City, MI, of which 94.0% of loans were conventional mortgages. The average loan-to-value was 53.0%, with 13.0% above 90% LTV (elevated). This implies medium mortgage risk in Traverse City, MI. Investor activity is low, as 2.0% of loans were by investors. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 252 |
% Conventional Loans | 94.0% |
% Government Loans | 6.0% |
% Investor Loans | 2.0% |
% Second Loans | 13.0% |
% Cash Out Refinance | 12.0% |
Loan Activity
Rentals and Section 8 — Traverse City, MI
Traverse City, MI lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 314 |
Total Units Section 8 | 293 |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | 84.9% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$320 | $1,400 | $1,080 |
| 2 Bedroom | -$630 | $1,900 | $1,270 |
| 3 Bedroom | -$940 | $2,500 | $1,560 |
| 4 Bedroom | -$1,120 | $2,800 | $1,680 |
Affordability — Traverse City, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.7 |
| Median Home Price | $475,000 |
| Median Household Income | $75,700 |