Median real estate price in the City Center of Traverse City is $161,122, which is more expensive than 65.3% of the neighborhoods in Michigan and 41.4% of the neighborhoods in the U.S.
The average rental price in Traverse City City Center is currently $1,024, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 65.8% of the neighborhoods in Michigan.
Traverse City City Center is a suburban neighborhood (based on population density) located in Traverse City, Michigan.
Real estate in the City Center of Traverse City, MI is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) single-family homes and apartment complexes/high-rise apartments. Most of the residential real estate is occupied by a mixture of owners and renters. Many of the residences in the City Center neighborhood are established but not old, having been built between 1970 and 1999. A number of residences were also built before 1940.
Traverse City City Center has a 14.8% vacancy rate, which is well above average compared to other U.S. neighborhoods (higher than 73.7% of American neighborhoods). Most vacant housing here is vacant year round. This could either signal that there is weak demand for real estate in the neighborhood or that large amount of new housing has been built and not yet occupied. Either way, if you live here, you may find many of the homes or apartments are empty.