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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Compass Real Estate · Traverse City, MI
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Traverse City, MI Housing Market
Buyer's market+1.1% YoY
Zillow, August 2026 · Refreshes monthlyRedfin, through May 2026 · No longer updatingFreddie Mac via FRED, September 2026 · Refreshes weekly
The typical home in Traverse City, MI is worth $446,706, rose 1.1% over the past year (Zillow Home Value Index, August 2026). The last median sale price Redfin published was $452,500, -1.4% year over year (through May 2026). With 6.0 months of supply and homes going under contract in about 51 days, Traverse City is a buyer's market. At today's 7.03% 30-year fixed rate, 20% down on a $446,706 home is about $2,385/mo in principal and interest.
Key numbers for Traverse City, MI
Typical home value
$446,706
+1.1% in 12 months
Zillow, August 2026
Typical asking rent
$1,888/mo
Zillow Observed Rent Index
Zillow, August 2026
Median sale price
$452,500
-1.4% year over year
Redfin, through May 2026
Days on market
51
Average pace
Redfin, through May 2026
Active listings
155
6.0 months of supply
Redfin, through May 2026
30-yr fixed rate
7.03%
Freddie Mac weekly average
Freddie Mac via FRED, September 2026
Median household income
$71,731
Home costs 6.2x income
U.S. Census ACS, 2023
Sale-to-list ratio
99.6%
Selling below asking
Redfin, through May 2026
Zillow figures are as of August 2026 and refresh monthly. Redfin figures are through May 2026 — Redfin stopped publishing its public market trackers in June 2026, so those numbers are final, not current. Mortgage rates come from Freddie Mac via FRED and update weekly.
Is Traverse City a buyer's or seller's market?
Buyer's market6.0 months of supply51 days on market99.6% of asking
Traverse City, MI is a buyer's market, based on 6.0 months of supply and homes selling in about 51 days. Above 5 months of supply, homes start accumulating faster than they clear, which is where buyers gain leverage on price, repairs, and closing costs.
Inputs are Redfin's final published period (May 2026). How we classify markets · Where the data comes from
What does the Traverse City housing market data show?
Every row below is Redfin's final published month for Traverse City, MI. Redfin, through May 2026
| Metric | Value |
|---|---|
| Median sale price | $452,500 |
| Median list price | $597,450 |
| Year-over-year price change | -1.4% |
| Median price per sq ft | $375/sq ft |
| Median days on market | 51 days |
| Active inventory | 155 listings |
| Months of supply | 6.0 months |
| Sale-to-list price ratio | 99.6% |
| Homes sold (that month) | 26 |
| New listings (that month) | 66 |
| Listings with a price cut | 20.6% |
| Market condition | Buyer's market |
How to read these numbers
- Median sale price
- Half the homes that closed sold for more than this, half for less. It moves with what kind of home sold that month, so a quiet month with two big sales can swing it. Redfin's figure for Traverse City is frozen at May 2026.
- Typical home value (ZHVI)
- Zillow's estimate of what a mid-market home in Traverse City is worth right now, whether or not it sold. It is smoother than the median sale price and it still refreshes monthly, which is why this page leads with it.
- Months of supply
- How long it would take to sell every active listing at the current pace. Under 3 favors sellers, over 6 favors buyers, and 3 to 6 is the balanced band.
- Days on market
- Median time from listing to accepted offer. Short means you should have financing ready before you tour; long means there is room to negotiate on price and repairs.
- Sale-to-list ratio
- Sale price divided by the last asking price. Above 100% means bidding above asking is normal here; below 100% means the typical buyer got a discount.
- Price per square foot
- The size-adjusted price. Use it to compare a 1,400 sq ft house to a 2,600 sq ft house, not to value your own home — lot, condition and age move it a lot.
- Listings with a price cut
- Share of active listings that dropped their asking price in the month. A high share is the earliest visible sign that sellers are ahead of what buyers will pay.
- Typical asking rent (ZORI)
- Zillow's repeat-rent index for asking rents on new leases. Paired with the home value it gives the price-to-rent ratio in the rent-vs-buy section below.
How have Traverse City home prices moved?
Over the last three years the median sale price in Traverse City, MI rose 7.1%, from $422,500 to $452,500. The live Zillow value series has rose 1.1% in the last 12 months, which is the more current read now that Redfin's series has stopped. 20.6% of Traverse City listings cut their asking price in the final Redfin month — a modest share, which is what a market looks like when sellers are pricing close to where homes actually clear. For prices to fall meaningfully from here, supply would have to keep building past 6.0 months while the sale-to-list ratio slips below its current 99.6%. Watch those two together — they move before the median does.
Redfin, through May 2026 — the chart ends at Redfin's final published month.
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What does it cost to buy a home in Traverse City?
Priced off the typical home value of $446,706 at the current 7.03% 30-year fixed rate. These are principal and interest only — property taxes, homeowner's insurance, HOA dues and mortgage insurance are on top, and they vary enough by property that we will not guess them for you.
| Down payment | Cash at close | Loan amount | Monthly P&I |
|---|---|---|---|
| 20% | $89,341 | $357,365 | $2,385/mo |
| 5% | $22,335 | $424,371 | $2,832/mo |
Zillow, August 2026 for the price · Freddie Mac via FRED, September 2026 for the rate
What income do you need?
Lenders generally want housing costs under 28% of gross income. On the 20%-down payment of $2,385, that implies roughly $102,204 a year before you add taxes and insurance. The median household in Traverse City earns $71,731, about $30,473 short of that threshold — the typical local household needs a larger down payment, a co-borrower, or a home below the typical home value to fit the 28% rule. That puts the price-to-income ratio at 6.2x — well above the 3x that was historically considered affordable, which is why down payment size drives who can buy here.
Run it with your own numbers: affordability calculator · mortgage calculator
Buying in Traverse City in the next 12 months?
Tell us your timeline. We send the Traverse City market brief: the price ranges that actually clear, how long homes sit, and what to fix on your credit before you apply.
Is it cheaper to rent or buy in Traverse City?
Typical asking rent in Traverse City, MI is $1,888/mo, against a typical home value of $446,706. That is a price-to-rent ratio of 19.7x, which means buying and renting land close enough together that the decision turns on how long you stay and your down payment. Compared head to head, 20% down puts principal and interest at $2,385 a month — $497 more than renting before taxes and insurance, so the ownership case here rests on equity and appreciation rather than monthly cash flow.
Zillow, August 2026 for both value and rent
Add your own down payment, tax rate and time horizon in the rent vs. buy calculator.
Is inventory rising or falling in Traverse City?
Active listings in Traverse City, MI went from 198 in May 2025 to 155 in May 2026, a -21.7% change. Falling inventory tightens competition. When supply drops while demand holds, sale-to-list ratios rise before the median sale price does.
| Month | Active listings | New listings |
|---|---|---|
| June 2025 | 191 | 51 |
| July 2025 | 194 | 46 |
| August 2025 | 182 | 39 |
| September 2025 | 161 | 27 |
| October 2025 | 171 | 52 |
| November 2025 | 159 | 27 |
| December 2025 | 126 | 12 |
| January 2026 | 121 | 25 |
| February 2026 | 136 | 39 |
| March 2026 | 129 | 29 |
| April 2026 | 137 | 57 |
| May 2026 | 155 | 66 |
Redfin, through May 2026
How does Traverse City compare to Michigan and the U.S.?
Traverse City homes sell for $452,500 — 52% above the Michigan median of $297,900. Against the national median of $410,700, Traverse City runs 10% higher. Year-over-year, Traverse City moved -1.4% against Michigan's +4.6% — a smaller swing than the state as a whole.
| Market | Median sale price | YoY | Days on market |
|---|---|---|---|
| Traverse City, MI | $452,500 | -1.4% | 51 days |
| Michigan statewide | $297,900 | +4.6% | 24 days |
| United States | $410,700 | not published | not published |
City and state rows: Redfin, through May 2026 · U.S. row: Freddie Mac via FRED, April 2026 (MSPUS, quarterly)
What to do next in Traverse City
What buyers should watch
- Months of supply, currently 6.0. It turns before price does — when it climbs past 6, sellers start taking offers they would have rejected a quarter earlier.
- The share of listings cutting price, currently 20.6%. A listing that has already cut once is the one most likely to accept below asking.
- The gap between 5% and 20% down here is $447 a month in principal and interest alone, before mortgage insurance. That gap, not the price, is usually what decides your timeline.
- Rate moves. At 7.03%, every full point of rate change moves the payment on a $446,706 home more than a 5% price change does.
- Your credit tier before you shop, not after — it sets the rate you are quoted. Run your numbers first.
What sellers should know
- The median Traverse City listing goes under contract in 51 days. If yours passes that mark, the market is telling you the price is wrong — not that you need more showings.
- Homes here close at 99.6% of asking. Price to that ratio from day one rather than chasing the market down in cuts.
- In the last published month Traverse City added 66 new listings against 26 sales — more competition arriving than clearing, so early timing matters.
- Your equity moved +1.1% in the last 12 months on the Zillow value series. That, not the price you paid, is what sets your net proceeds.
- Comparable ZIP-level pricing inside Traverse City varies more than the citywide median suggests — check the ZIP pages below before you set a number.
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%
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. Redfin, through May 2026
| 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 |
Who lives in Traverse City?
American Community Survey estimates for Traverse City. U.S. Census ACS, 2023
Population
15,491
Households
7,312
Median income
$71,731/yr
Median age
42.2 years
Owner-occupied
60.9%
Median home value
$367,600
Median gross rent
$983/mo
Mean commute
18.8 min
60.9% of occupied homes in Traverse City are owner-occupied, and the rest are rented — which is the share that decides how much of the local housing stock ever reaches the for-sale market. The Census self-reported median home value is $367,600 against Zillow's $446,706 typical value; the gap is normal — ACS asks owners what they think their home is worth, Zillow models transactions. Census median gross rent (all leases, including long-held ones) is $983/mo, below Zillow's $1,888/mo asking rent on new leases — the difference is roughly what a mover pays over a stayer.
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?
Ordered by distance from Traverse City, not by size. Compare Traverse City side by side with any of them.
Which ZIP codes are in Traverse City?
These are the ZIP codes we see on active Traverse City listings. Redfin did not publish a matching ZIP-level sale row for the same period, so we are not ranking them by price here — each ZIP page shows exactly what we hold for it.
Traverse City housing market FAQ
Is Traverse City a buyer's or seller's market?
Traverse City, MI is currently a buyer's market. That read comes from 6.0 months of supply, homes going under contract in about 51 days, and sellers getting 99.6% of their asking price in the last month Redfin published (May 2026).
How much do homes cost in Traverse City?
The typical home in Traverse City, MI is worth $446,706 (Zillow Home Value Index, August 2026). The median sale price in the last month Redfin published was $452,500, about $375 per square foot.
Is Traverse City cheaper than the rest of Michigan?
Traverse City's median sale price of $452,500 is 52% higher than the Michigan statewide median of $297,900, and 10% above the U.S. median of $410,700. Both figures are for the same period.
How long do homes take to sell in Traverse City?
Homes in Traverse City, MI spent a median of 51 days on market before going under contract, versus 24 days statewide. That is a normal pace: enough time to see a home twice, not enough to wait a month. (Redfin, through May 2026.)
What income do you need to buy a home in Traverse City?
At the current 30-year fixed rate of 7.03%, 20% down on a $446,706 home is about $2,385 a month in principal and interest. Lenders typically want that under 28% of gross income, which works out to roughly $102,204 a year before taxes, insurance, HOA dues or mortgage insurance. The local median household income is $71,731.
Are home prices rising in Traverse City?
The typical home value in Traverse City, MI rose 1.1% over the last 12 months, from $441,834 to $446,706 (Zillow, August 2026). This is the live series — it refreshes monthly.
What are the cheapest ZIP codes in Traverse City?
Traverse City ZIP-level sale prices are not all published for the same period, so ranking them would compare different months. The ZIP pages listed on this page show what we hold for each one individually.
Is now a good time to buy in Traverse City?
That depends on your timeline, not on a headline. What the data says today: Traverse City, MI is a buyer's market with 6.0 months of supply, the 30-year fixed rate is 7.03%, and the price-to-rent ratio of 19.7x means buying and renting land close enough together that the decision turns on how long you stay and your down payment. Properties Incorporated publishes the data; it does not give financial advice.
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