Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 15,559, 6,844 total housing units (homes and apartments), and a median house value of $426,988, Traverse City real estate is some of the most expensive in Michigan, although Traverse City home values aren't among America's most expensive.
Single-family detached homes are the single most common housing type in Traverse City, accounting for 62.08% of the city's housing units. Other types of housing that are prevalent in Traverse City include large apartment complexes or high rise apartments ( 23.92%), duplexes, homes converted to apartments or other small apartment buildings ( 9.11%), and a few row houses and other attached homes ( 4.55%).
The most prevalent building size and type in Traverse City are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 58.19% owning and 41.81% renting.
The housing in Traverse City was primarily built before 1939 ( 34.76%), making the housing stock in Traverse City some of the oldest overall in America, although there is a range of ages of homes in Traverse City. The next most important housing age is between 1970-1999 ( 26.96%), followed by between 1940-1969 ( 24.53%). There's also some housing in Traverse City built between 2000 and later ( 13.74%).
Vacant housing appears to be an issue in Traverse City. Fully 12.83% of the housing stock is classified as vacant. Left unchecked, vacant Traverse City homes and apartments can be a drag on the real estate market, holding Traverse City real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
In the last 10 years, Traverse City has experienced some of the highest home appreciation rates of any community in the nation. Traverse City real estate appreciated 127.77% over the last ten years, which is an average annual home appreciation rate of 8.58%, putting Traverse City in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Traverse City definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
NeighborhoodScout's data show that during the latest twelve months, Traverse City's appreciation rate, at 7.92%, has been at or slightly above the national average. In the latest quarter, Traverse City's appreciation rate has been -1.83%, which annualizes to a rate of -7.13%.
Relative to Michigan, our data show that Traverse City's latest annual appreciation rate is higher than 80% of the other cities and towns in Michigan.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Traverse City differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Traverse City - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Traverse City real estate investment or home purchase decisions.
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