Traverse City, MI—49696
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Traverse City, MI
As of Nov '25, the median home price in Traverse City, MI is $423,000, with a year-over-year change of 4.0%. This indicates that home prices in Traverse City, MI are increasing. According to Zillow, the 1-year price projection is 3.4%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $423,000 | 4.0% |
| Single Family | $432,000 | 3.6% |
| Condos | $373,000 | 3.3% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $368,000 | 2.2% |
3 Bed | $411,000 | 3.5% |
4 Bed | $518,000 | 3.4% |
| 5 Bed | $617,558 | 3.5% |
% of Housing Stock
Rental Trends — Traverse City, MI
As of July '25, Rentcast reports the average rent in Traverse City, MI is $2,330, with a year-over-year rent change of 4.0%. Per bedroom, the median rent as of July '25 in Traverse City, MI is 2-bedrooms: $1,850, 3-bedrooms: $2,750. The most common rental property sizes in Traverse City, MI are 2-bedroom and 1-bedroom, accounting for 68.2% and 19.2% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,920 | $2,330 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | $1,860 | $1,850 |
| 3 Bed Rent | $2,250 | $2,750 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Traverse City, MI
As of Nov '25, Realtor.com reports that the median days on market for a home in Traverse City, MI is 63. This is a decrease of -3.0% 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 18.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $515,000 | 8.0% |
Listing Count | 45 | -26.0% |
| Listings as % of Homes | 0.5% | -26.0% |
Days on Market | 63 | -3.0% |
Demographics — Traverse City, MI
Traverse City, MI lacks sufficient demographic data for analysis.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 10,600 | N/A |
% Under 18 | 20.9% | N/A |
% Seniors | 19.5% | N/A |
% WFH | 15.6% | N/A |
% w/ College Degree | 41.1% | N/A |
Traverse City, MI lacks sufficient race and ethnicity data for analysis.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 92.9% | N/A |
% Black | 1.8% | N/A |
% Hispanic | 1.1% | N/A |
% Asian | 0.9% | N/A |
% Foreign Born | 2.5% | N/A |
Mortgage and Risk — Traverse City, MI
According to HUD data as of 2023, there were 285 mortgage originations in Traverse City, MI, of which 91.0% of loans were conventional mortgages. The average loan-to-value was 53.0%, with 16.0% 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. 19.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 285 |
% Conventional Loans | 91.0% |
% Government Loans | 9.0% |
% Investor Loans | 1.0% |
% Second Loans | 4.0% |
% Cash Out Refinance | 19.0% |
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 | 9 |
Total Units Section 8 | 9 |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $990 |
| 2 Bedroom | -$680 | $1,860 | $1,180 |
| 3 Bedroom | -$800 | $2,250 | $1,450 |
| 4 Bedroom | N/A | N/A | $1,560 |
Affordability — Traverse City, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.8 |
| Median Home Price | $423,000 |
| Median Household Income | $96,100 |