New Listing
6
$58,500
1185 Aster Ln
Traverse City, MI 49696
0 ba
Land16,988 sqft lot
View photos & details
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Sarah Mitchell
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Compass Real Estate · Traverse City, MI
“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”
Traverse City, MI(512) 555-0184TX License #0512847
Visit website →sarahmitchellhomes.com
5.0 · 47 reviews
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Traverse City, MI Housing Market & Real Estate
Buyer's market-1.4% YoY
Housing market overview · Updated monthly ·
$452,500median sale price
How is the Traverse City, MI housing market right now?
The median home sale price in Traverse City, MI is $452,500, down 1.4% year-over-year. Homes sell in an average of 51 days with 155 active listings. The market is currently a buyer's market. (Source: Redfin monthly MLS data, as of May 2026 — the most recent Redfin release; Redfin publishes each month's data on a ~6-week lag.)
Is Traverse City a buyer's or seller's market?
Buyer's market6.0 months of supply51 avg. days on market
Traverse City, MI is currently a buyer's market, based on 6.0 months of supply and homes selling in about 51 days. How we determine this →
Homes sold
26
Last 12 weeks
Days on market
51
Average pace
Active listings
155
6.0 months supply
Sale-to-list
99.6%
Below asking
What does the Traverse City housing market data show?
| Metric | Value |
|---|---|
| Median sale price | $452,500 |
| Median list price | $597,450 |
| Year-over-year price change | -1.4% |
| Average days on market | 51 days |
| Active inventory | 155 listings |
| Months of supply | 6.0 months |
| Sale-to-list price ratio | 99.6% |
| Median price per sq ft | $375/sq ft |
| Homes sold (latest month) | 26 |
| New listings (latest month) | 66 |
| Listings with a price cut | 20.6% |
| Market condition | Buyer's market |
Source: Redfin · Updated monthly
How much do homes cost in Traverse City by property type?
How the Traverse City, MI market breaks down across single-family homes, condos, and townhouses.
| Property type | Median price | Price / sq ft | Homes sold | Days on market |
|---|---|---|---|---|
| Single-family | $542,000 | $384/sq ft | 15 | 57 days |
| Condo / Co-op | $445,000 | $375/sq ft | 11 | 40 days |
Source: Redfin · Updated monthly
The Traverse City housing market is currently classified as a buyer's market with a median sale price of $452,500. Prices have fallen 1.4% compared to last year, with homes spending an average of 51 days on market, indicating 6.0 months of inventory.This inventory level gives buyers significantly more negotiating power, allowing time to inspect properties thoroughly and potentially negotiate better terms.The price-to-income ratio of 6.3x provides context for how home values compare to local earning capacity.
Homes for sale in Traverse City
There are currently 155 homes listed for sale in Traverse City, Michigan. The median listing price is $597K. Featured listings range from $58,500 to $1,000,000.
New Listing
6
$58,500
1143 Aster Ln
Traverse City, MI 49696
0 ba
Land16,988 sqft lot
View photos & details
New Listing
6
$58,500
1165 Aster Ln
Traverse City, MI 49696
0 ba
Land16,988 sqft lot
View photos & details
New Listing
13
$58,500
1184 Aster Ln
Traverse City, MI 49696
0 ba
Land16,988 sqft lot
View photos & details
New Listing
6
$58,500
1199 Aster Ln
Traverse City, MI 49696
0 ba
Land16,988 sqft lot
View photos & details
New Listing
24
$107,900
843 Wind Drift Dr
Traverse City, MI 49684
0 ba
Land40,511 sqft lot
View photos & details
New Listing
24
$115,000
2150 Friendship Dr
Traverse City, MI 49686
3 bd2 ba1,456 sqft$79/ft²
Mobile home
View photos & details
New Listing
24
$117,900
865 Wind Drift Dr
Traverse City, MI 49684
0 ba
Land37,026 sqft lot
View photos & details
New Listing
25
$259,900
1216 Hoch Rd
Traverse City, MI 49696
0 ba
Land23.03 acres
View photos & details
New Listing
24
$290,500
4469 S Curry Dr
Traverse City, MI 49685
3 bd1 ba1,886 sqft$154/ft²
House17,860 sqft lot
View photos & details
New Listing
55
$840,000
188 Wildwood Meadow Dr Unit 10
Traverse City, MI 49686
3 bd3 ba3,000 sqft$280/ft²
Condo
View photos & details
New Listing
7
$1,000,000
7608 Peninsula Rd
Traverse City, MI 49686
0 ba
Land32,670 sqft lot
View photos & details
Looking to buy in Traverse City?
Get connected with a local real estate expert — free, no obligation.
Active listings
155
Homes on market
Median list price
$597K
Avg. days on market
51
Days until sale
New this week
66
Newly listed
Price drops:20.6%of listings
Sale-to-list:99.6%
Who lives in Traverse City?
Population
15,491
Median income
$71,731/yr
Median age
42.2 years
Owner-occupied
60.9%
College grads
47.0%
Avg commute
18.8 min
Source: U.S. Census Bureau ACS
What are homes worth in Traverse City?
Zillow home value
$451,364
Zillow rent index
$2,005/mo
Price-to-rent ratio
18.8x
Price-to-income
6.3x
Source: Zillow Research
What is it like to live in Traverse City?
Traverse City is a community of approximately 15K residents with a median age of 42.2 years.The median household income is $71,731, which represents a working-class community with solid middle-income opportunities. 47.0% of residents hold a bachelor's degree or higher, indicating a highly educated population.
Homeownership rates are at 60.9%, showing a blend of owner and renter-occupied properties. The average commute time is 18.8 minutes, which makes this an excellent choice for those seeking short commutes to employment centers.Overall, Traverse City offers a balanced lifestyle with accessible home values relative to local income levels.
Which public schools serve Traverse City?
26 schools tracked · 10,275 students
The largest public schools serving Traverse City, MI by enrollment, drawn from the National Center for Education Statistics. School quality is a commonly cited factor in home-buying decisions — these are the campuses families in this area are most likely to encounter.
West Senior High
Grades 9-12 · 1,471 students
Central High School
Grades 8-12 · 1,324 students
West Middle School
Grades 6-8 · 1,108 students
Grand Traverse Academy
Grades PK-12 · 798 students
East Middle School
Grades 6-8 · 779 students
Central Grade School
Grades PK-6 · 537 students
Eastern Elementary School
Grades PK-5 · 480 students
Willow Hill Elementary School
Grades PK-5 · 444 students
Source: National Center for Education Statistics, Common Core of Data directory. Updated annually. Ratings and test scores are not currently displayed.
Which cities are near Traverse City, MI?
Want a head-to-head view? Compare Traverse City side-by-side with any other U.S. city using our market-comparison tool.
Which ZIP codes are in Traverse City?
Is Traverse City a good real estate investment market?
For investors evaluating Traverse City, the price-to-rent ratio of 18.8x indicates higher purchase prices relative to rental income, typical of appreciation-focused markets. The market has softened 1.4% year-over-year, potentially creating entry opportunities for strategic buyers.Use our rent vs. buy calculator to analyze whether owning or renting makes more financial sense based on Traverse City's current market conditions and your specific situation. Estimate your monthly payment with the mortgage calculator using Traverse City's median home price.
Frequently asked questions
What is the average home price in Traverse City?
The median home sale price in Traverse City is $452,500, down 1.4% from last year.
How long do homes stay on market in Traverse City?
Homes typically spend 51 days on market before going under contract.
What is the median income in Traverse City?
The median household income is $71,731 per year.
Is Traverse City a buyer's or seller's market?
With 6.0 months of supply, Traverse City is currently a buyer's market.
How many homes are for sale in Traverse City?
There are currently 155 homes listed for sale in Traverse City, MI.
What is the Zillow home value estimate for Traverse City?
The Zillow Home Value Index (ZHVI) for Traverse City is $451,364, representing the typical home value in the area.
What is the median condo price in Traverse City?
The median condo/co-op sale price in Traverse City, MI is $445,000, compared to $542,000 for a single-family home, based on the latest Redfin data.
How much does a single-family home cost in Traverse City?
The median single-family home price in Traverse City, MI is $542,000 (about $384 per square foot).
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