Is Traverse City, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, Traverse City was a Buyer's Market.
Housing Prices in Traverse City, MI
How much do homes in Traverse City, MI cost?
Median Sold Price
$424,000
$241/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Traverse City was $424,000 in April 2024, up 10.1% from last year, and the median price per square foot was $241.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $257.5K | $285K | +10.7% |
2 Bedrooms | $320.3K | $319K | -0.4% |
3 Bedrooms | $414.9K | $384.6K | -7.3% |
4 Bedrooms | $531K | $549.9K | +3.6% |
5+ Bedrooms | $676.2K | $791.9K | +17.1% |
Summary: Traverse City housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10.7%, 2 bedroom homes decreased by 0.4%, 3 bedroom homes decreased by 7.3%, 4 bedroom homes increased by 3.6%, and 5+ bedroom homes increased by 17.1%.
Median Sold Price Compared To Nearby Cities
Peninsula Township | $875K | $975K | +11.4% |
Traverse City | $385K | $424K | +10.1% |
Housing Supply in Traverse City, MI
How many homes are available in Traverse City, MI?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
295 | 358 | +21.4% |
Summary: The Traverse City real estate market had 358 homes for sale in April 2024, a 21.4% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 22 | 19 | -13.6% |
2 Bedrooms | 82 | 93 | +13.4% |
3 Bedrooms | 114 | 153 | +34.2% |
4 Bedrooms | 60 | 70 | +16.7% |
5+ Bedrooms | 17 | 23 | +35.3% |
Summary: The Traverse City housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 13.6%, 2 bedroom homes increased by 13.4%, 3 bedroom homes increased by 34.2%, 4 bedroom homes increased by 16.7%, and 5+ bedroom homes increased by 35.3%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
69 | 78 | +13.0% |
Asking Price vs. Sold Price
34 Homes Were Sold
Under Asking
20 Homes Were Sold
At Asking
19 Homes Were Sold
Over Asking
Summary: A total of 78 homes were sold or pending in Traverse City in April 2024, up by 13.0% month-over-month. Of the 73 sold homes, 47% were sold under asking, 27% were sold at asking, and 26% were sold over asking.
Days on Market for Traverse City, MI
How long does it take to sell a home in Traverse City, MI?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
79 Days | 68 Days | -13.4% |
Summary: Homes in Traverse City had an average of 68 days on market in Apr 2024, down by 13.4% compared to last year.
Breakdown of Home Sale Times
20 Homes Were Sold
Under 30 Days
42 Homes Were Sold
In 30 - 90 Days
16 Homes Were Sold
Over 90 Days
Summary: During April 2024, 78 homes were sold in Traverse City; 26% of homes were sold within 30 days, 54% of homes were sold within 30 to 90 days, and 21% of homes were sold over 90 days.