Traverse City, MI—49685
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 $419,000, with a year-over-year change of 3.8%. This indicates that home prices in Traverse City, MI are increasing. 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 | $419,000 | 3.8% |
| Single Family | $417,000 | 3.2% |
| Condos | $433,000 | 6.1% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $347,000 | 2.4% |
3 Bed | $386,000 | 2.9% |
4 Bed | $510,000 | 2.6% |
| 5 Bed | $690,000 | 3.4% |
% of Housing Stock
Rental Trends — Traverse City, MI
As of July '25, Rentcast reports the average rent in Traverse City, MI is $1,700, with a year-over-year rent change of -16.3%. Per bedroom, the median rent as of July '25 in Traverse City, MI is 1-bedrooms: $1,420, 2-bedrooms: $1,280, 3-bedrooms: $1,850, 4-bedrooms: $1,390. The most common rental property sizes in Traverse City, MI are 2-bedroom and 3-bedroom, accounting for 31.3% and 28.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,470 | $1,700 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,400 | $1,420 |
| 2 Bed Rent | $1,230 | $1,280 |
| 3 Bed Rent | $1,600 | $1,850 |
| 4 Bed Rent | $1,390 | $1,390 |
% 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 59. This is a increase of 1.0% from last year, suggesting that homes are sitting on the market about the same amount of time than last year. The percentage of listed homes with a reduced price is 29.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $526,000 | 7.0% |
Listing Count | 89 | -1.0% |
| Listings as % of Homes | 0.5% | -1.0% |
Days on Market | 59 | 1.0% |
Demographics — Traverse City, MI
Traverse City, MI lacks sufficient demographic data for analysis.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 21,300 | N/A |
% Under 18 | 21.6% | N/A |
% Seniors | 16.0% | N/A |
% WFH | 10.8% | N/A |
% w/ College Degree | 37.7% | N/A |
Traverse City, MI lacks sufficient race and ethnicity data for analysis.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 92.5% | N/A |
% Black | 0.9% | N/A |
% Hispanic | 2.0% | N/A |
% Asian | 0.8% | N/A |
% Foreign Born | 2.2% | N/A |
Mortgage and Risk — Traverse City, MI
According to HUD data as of 2023, there were 630 mortgage originations in Traverse City, MI, of which 85.0% of loans were conventional mortgages. The average loan-to-value was 53.0%, with 19.0% above 90% LTV (elevated). This implies medium mortgage risk in Traverse City, MI. Investor activity is low, as 1.0% of loans were by investors. 17.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 630 |
% Conventional Loans | 85.0% |
% Government Loans | 15.0% |
% Investor Loans | 1.0% |
% Second Loans | 4.0% |
% Cash Out Refinance | 17.0% |
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 | 63 |
Total Units Section 8 | 63 |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | 88.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$260 | $1,400 | $1,140 |
| 2 Bedroom | $130 | $1,230 | $1,360 |
| 3 Bedroom | $80 | $1,600 | $1,680 |
| 4 Bedroom | $410 | $1,390 | $1,800 |
Affordability — Traverse City, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.4 |
| Median Home Price | $419,000 |
| Median Household Income | $82,600 |