Traverse City, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Traverse City, MI Real Estate Data


Traverse City Housing Market Information

With a population of 15,218, 6,500 total housing units (homes and apartments), and a median house value of $233,629, 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 62.95% of the city's housing units. Other types of housing that are prevalent in Traverse City include large apartment complexes or high rise apartments ( 23.23%), duplexes, homes converted to apartments or other small apartment buildings ( 7.81%), and a few row houses and other attached homes ( 4.53%).

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 58.64% owning and 41.36% renting.

The housing in Traverse City was primarily built before 1939 ( 32.85%), 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 ( 31.56%), followed by between 1940-1969 ( 25.12%). There's also some housing in Traverse City built between 2000 and later ( 10.47%).

Vacant housing appears to be an issue in Traverse City. Fully 16.27% 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.

Traverse City Home Appreciation Rates

Appreciation rates for homes in Traverse City have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 12.68%, which ranks in the top 30% nationwide. This equates to an annual average Traverse City house appreciation rate of 1.20%.

NeighborhoodScout's data show that during the latest twelve months, Traverse City's appreciation rate, at 4.95%, has been at or slightly above the national average. In the latest quarter, Traverse City's appreciation rate has been 1.43%, which annualizes to a rate of 5.84%.

Relative to Michigan, our data show that Traverse City's latest annual appreciation rate is higher than 50% 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.

Average Home Values

 

Median Home Value:
$233,629

Traverse City, MI HOME PRICES

Value Range
> $1,241,000 1.2
$931,001 - $1,241,000 0.6
$621,001 - $931,000 3.0
$497,001 - $621,000 4.1
$372,001 - $497,000 8.8
$248,001 - $372,000 21.9
$124,001 - $248,000 47.1
$62,001 - $124,000 7.0
$0 - $62,000 6.4

Very High for MI
High for Nation

Value Relative to Nation Value Relative to State
25.9003337822803 9.77564102564103

Number Of Homes And Apartments:
6,500

Rent & Ownership

 

Average Market Rent:
$990 / per month

Homeownership Rate

Homeownership
Owners 58.64
Renters 41.36
Vacant 16.27

Housing Market Details

 

Age of Homes

AGE OF Traverse City HOMES
2000 or Newer 10.5
1970 - 1999 31.6
1940 - 1969 25.1
1939 or Older 32.8

Types of Homes

TYPE OF Traverse City HOMES
Single-Family 63.0
Townhomes 4.5
Small Apt. Buildings 7.8
Apt. Complexes 23.2
Mobile Homes 1.5
Other 0.0

Home Size

SIZE OF Traverse City HOMES
No Bedroom 4.06
1 Bedroom 11.09
2 Bedrooms 32.85
3 Bedrooms 35.63
4 Bedrooms 13.00
5 or more bedrooms 3.37

Traverse City Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
42.33% 2.10% 10 5
* 10 is highest