Is Traverse City, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Since last month, Traverse City has remained a Seller's Market.
Key Takeaway
Traverse City is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Traverse City, MI
How much do homes in Traverse City, MI cost?
Median Sold Price
$366,000
$244/sqft
Based on all homes sold in March 2024.
Difference Since Last Month
Key Takeaway
Homes in Traverse City have sold for 8% less than they did a month ago.
Summary: The median home sold price in Traverse City was $366,000 in March 2024, down 8% from last month, and the median price per square foot was $244.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $307.5K | $270K | -12.2% |
| 2 Bedrooms | $465K | $271.6K | -41.6% |
| 3 Bedrooms | $329.4K | $397.4K | +20.6% |
| 4 Bedrooms | $460K | $519.5K | +12.9% |
| 5+ Bedrooms | $600K | $615K | +2.5% |
Summary: Traverse City housing prices by bedroom type for March 2024 compared to the previous month: The home price of 1 bedroom homes decreased by 12.2%, 2 bedroom homes decreased by 41.6%, 3 bedroom homes increased by 20.6%, 4 bedroom homes increased by 12.9%, and 5+ bedroom homes increased by 2.5%.
Median Sold Price Compared To Nearby Cities
| Garfield Charter Township | $360.5K | $344K | -4.6% |
| Peninsula Township | $1.2M | $1.1M | -6.9% |
| East Bay Township | $319.9K | $295.5K | -7.6% |
| Traverse City | $398K | $366K | -8.0% |
Housing Supply in Traverse City, MI
How many homes are available in Traverse City, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 272 | 306 | +12.5% |
Summary: The Traverse City real estate market had 306 homes for sale in March 2024, a 12.5% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 18 | 25 | +38.9% |
| 2 Bedrooms | 67 | 83 | +23.9% |
| 3 Bedrooms | 107 | 116 | +8.4% |
| 4 Bedrooms | 67 | 64 | -4.5% |
| 5+ Bedrooms | 13 | 18 | +38.5% |
Summary: The Traverse City housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 38.9%, 2 bedroom homes increased by 23.9%, 3 bedroom homes increased by 8.4%, 4 bedroom homes decreased by 4.5%, and 5+ bedroom homes increased by 38.5%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 56 | 66 | +17.9% |
Asking Price vs. Sold Price
24 Homes Were Sold
Under Asking
20 Homes Were Sold
At Asking
22 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Traverse City, you may be able to get a good deal. 36.4% of homes here sold below asking price last month.
Summary: A total of 66 homes were sold or pending in Traverse City in March 2024, up by 17.9% month-over-month. Of the 66 sold homes, 36% were sold under asking, 30% were sold at asking, and 33% 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
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 74 Days | 56 Days | -24.7% |
Summary: Homes in Traverse City had an average of 56 days on market in Mar 2024, down by 24.7% compared to last month.
Breakdown of Home Sale Times
23 Homes Were Sold
Under 30 Days
30 Homes Were Sold
In 30 - 90 Days
13 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Traverse City has remained consistent over time.
Summary: During March 2024, 66 homes were sold in Traverse City; 35% of homes were sold within 30 days, 45% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.
Disclaimer: The data relating to real estate on this web site comes in part from the IDX of Realcomp II Ltd. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified. 
The data relating to real estate on this web site comes in part from the Internet Data Exchange Program of the Northern Michigan MLS (NM-MLS). The listings displayed come from various NM-MLS. member offices who have chosen to participate in NM-MLSX IDX, the detailed information The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing about said listings includes the listing office information. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither the site hosting broker(s), nor the listing broker or NM-MLS, or this broker shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless. © 2024 NM-MLS. All rights reserved
© 2024 Water Wonderland MLS, Inc © All rights reserved. The data relating to real estate on this web site comes in part from the Internet Data Exchange Program of the Water Wonderland MLS (WWLX). Real estate listings held by brokerage firms other than this broker are marked with the WWLX logo and the detailed information about said listing includes the listing office.The listings displayed come from various Water Wonderland Board of REALTORS® member offices who have chosen to participate in WWBR. The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither the site hosting broker(s), nor the listing broker or Water Wonderland Board of REALTORS® shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless.