Is Traverse City, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Traverse City is a seller's market

Buyer's
Market

Difference Since February 2022

At the same time last year, Traverse City was a Buyer's Market.

Key Takeaway

Traverse City is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

How much do homes in Traverse City, MI cost?

Median Sold Price

$417,633

$292/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2022

+$67,683(+19.3%)

Key Takeaway

Homes in Traverse City have sold for 19.3% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSFeb 2022Feb 2023%
1 $259.9K$249.9K
-3.8%
2 $289K$335K
+15.9%
3 $355.5K$427K
+20.1%
4 $487K$567K
+16.4%
5+ $655K$960K
+46.6%

Median Sold Price Compared To Nearby Cities

Elmwood Charter Township
+44.8%
East Bay Township
+27.0%
Peninsula Township
+22.5%
Traverse City
+19.3%
Garfield Charter Township
+5.3%

How many homes are available in Traverse City, MI?

Number of Homes For Sale

Jan 2023Feb 2023%
112168+50.0%

Homes For Sale By Bedroom Count

# BEDSJan 2023Feb 2023%
1 22
0.0%
2 2939
+34.5%
3 4567
+48.9%
4 2543
+72.0%
5+ 1117
+54.5%

Number of Homes Sold

Jan 2023Feb 2023%
543+760.0%

Asking Price vs. Sold Price

18 Homes Were Sold
Under Asking

10 Homes Were Sold
At Asking

14 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Traverse City, you may be able to get a good deal. 42.9% of homes here sold below asking price last month.

Average Sale Time

Feb 2022Feb 2023%
79 Days83 Days+5.5%

Breakdown of Home Sale Times

9 Homes Were Sold
Under 30 Days

20 Homes Were Sold
In 30 - 90 Days

14 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in Traverse City has remained consistent over time.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

About Traverse City, MI

There are 168 homes are for sale in Traverse City, MI real estate market. In February 2023 in Traverse City, MI there were 50% more homes for sale than in January 2023. In February 2023 median list price was $417,633 and the average listing age was 83 days. From January 2023 through February 2023, the following changes in listing prices were observed in this housing market: 1 bedroom properties became 3.8% more cheaper, 2 bedrooms properties prices increased by 15.9%, prices of 3 bedrooms properties increased by 20.1%, prices of 4 bedrooms properties increased by 16.4%, 5 bedrooms properties prices increased by 46.6%. This housing market inventory have changed: 1 bedroom homes inventory did not change, 2 bedrooms homes inventory increased by 34.5%, the quantity of 3 bedrooms homes went up by 48.9%, 4 bedrooms homes inventory increased by 72%, the quantity of 5 bedrooms homes went up by 54.5%. Traverse City, MI housing market in February 2023 saw over 14 listings sold above listed price, more than 10 sold at listed price and over 18 sold below.

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