Traverse City, MI—49686
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 $392,000, with a year-over-year change of 1.5%. This indicates that home prices in Traverse City, MI are increasing. According to Zillow, the 1-year price projection is 2.4%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $392,000 | 1.5% |
| Single Family | $425,000 | 1.4% |
| Condos | $303,000 | 2.7% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $268,000 | 0.4% |
2 Bed | $329,000 | 0.9% |
3 Bed | $437,000 | 1.4% |
4 Bed | $691,000 | 3.9% |
| 5 Bed | $976,000 | 5.7% |
% of Housing Stock
Rental Trends — Traverse City, MI
As of July '25, Rentcast reports the average rent in Traverse City, MI is $2,260, with a year-over-year rent change of 11.3%. Per bedroom, the median rent as of July '25 in Traverse City, MI is studios: $975, 1-bedrooms: $1,590, 2-bedrooms: $1,650, 3-bedrooms: $2,240, 4-bedrooms: $3,140. The most common rental property sizes in Traverse City, MI are 2-bedroom and 1-bedroom, accounting for 39.0% and 31.7% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,890 | $2,260 |
| Studio Rent | $975 | $975 |
| 1 Bed Rent | $1,500 | $1,590 |
| 2 Bed Rent | $1,650 | $1,650 |
| 3 Bed Rent | $2,500 | $2,240 |
| 4 Bed Rent | $3,200 | $3,140 |
% 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 58. This is a decrease of -10.0% 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 26.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $385,000 | -1.0% |
Listing Count | 184 | -9.0% |
| Listings as % of Homes | 1.0% | -9.0% |
Days on Market | 58 | -10.0% |
Demographics — Traverse City, MI
As of the latest ACS Survey released in 2023, Traverse City, MI has a population of 25,200, which has decreased by -23.9% 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 45.9% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 17.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 25,200 | -23.9% |
% Under 18 | 16.5% | -14.5% |
% Seniors | 26.3% | 23.5% |
% WFH | 17.4% | 155.9% |
% w/ College Degree | 45.9% | 7.2% |
As of the latest ACS Survey released in 2023, Traverse City, MI is a predominantly white area, with 90.6% of the population identifying as white. The white population has shrunk by 3.2% in the last 5 years. The second most common race or ethnicity in Traverse City, MI is hispanic, making up 5.1% of the population. Foreign-born residents account for 1.7% of the population in Traverse City, MI, and this percentage has decreased by 22.7% 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 | 90.6% | -3.2% |
% Black | 0.6% | -40.0% |
% Hispanic | 5.1% | 112.5% |
% Asian | 0.4% | -20.0% |
% Foreign Born | 1.7% | -22.7% |
Mortgage and Risk — Traverse City, MI
According to HUD data as of 2023, there were 530 mortgage originations in Traverse City, MI, of which 93.0% of loans were conventional mortgages. The average loan-to-value was 54.0%, with 15.0% above 90% LTV (elevated). This implies medium mortgage risk in Traverse City, MI. Investor activity is low, as 3.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 530 |
% Conventional Loans | 93.0% |
% Government Loans | 7.0% |
% Investor Loans | 3.0% |
% Second Loans | 8.0% |
% Cash Out Refinance | 11.0% |
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 | 352 |
Total Units Section 8 | 352 |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | 90.1% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$440 | $1,500 | $1,060 |
| 2 Bedroom | -$390 | $1,650 | $1,260 |
| 3 Bedroom | -$950 | $2,500 | $1,550 |
| 4 Bedroom | -$1,530 | $3,200 | $1,670 |
Affordability — Traverse City, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.9 |
| Median Home Price | $392,000 |
| Median Household Income | $71,200 |