Is Petoskey, 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, Petoskey was a Seller's Market.
Key Takeaway
Petoskey is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Petoskey, MI
How much do homes in Petoskey, MI cost?
Median Sold Price
$430,584
$231/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
The sold price of homes in Petoskey has remained the same since last year.
Summary: The median home sold price in Petoskey was $430,584 in April 2024, down 0.4% from last year, and the median price per square foot was $231.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $222.4K | $279.9K | +25.8% |
| 2 Bedrooms | $340K | $311.7K | -8.3% |
| 3 Bedrooms | $408.5K | $393.5K | -3.7% |
| 4 Bedrooms | $722.5K | $600K | -17.0% |
| 5+ Bedrooms | $1.1M | $1.3M | +16.3% |
Summary: Petoskey housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 25.8%, 2 bedroom homes decreased by 8.3%, 3 bedroom homes decreased by 3.7%, 4 bedroom homes decreased by 17%, and 5+ bedroom homes increased by 16.3%.
Median Sold Price Compared To Nearby Cities
| Petoskey | $432.4K | $430.5K | -0.4% |
| Bear Creek Township | $400K | $369K | -7.8% |
| Resort Township | $580K | $515K | -11.2% |
Housing Supply in Petoskey, MI
How many homes are available in Petoskey, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 65 | 89 | +36.9% |
Summary: The Petoskey real estate market had 89 homes for sale in April 2024, a 36.9% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 7 | +133.3% |
| 2 Bedrooms | 14 | 15 | +7.1% |
| 3 Bedrooms | 22 | 33 | +50.0% |
| 4 Bedrooms | 19 | 23 | +21.1% |
| 5+ Bedrooms | 7 | 11 | +57.1% |
Summary: The Petoskey housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 133.3%, 2 bedroom homes increased by 7.1%, 3 bedroom homes increased by 50%, 4 bedroom homes increased by 21.1%, and 5+ bedroom homes increased by 57.1%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 16 | 13 | -18.8% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Petoskey, you may be able to get a good deal. 46.2% of homes here sold below asking price last month.
Summary: A total of 13 homes were sold or pending in Petoskey in April 2024, down by 18.8% month-over-month. Of the 13 sold homes, 46% were sold under asking, 31% were sold at asking, and 23% were sold over asking.
Days on Market for Petoskey, MI
We’re sorry, we don't have information for this market at the moment
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Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.