Traverse City, MI


Highest Appreciating Traverse City Neighborhoods Since 2000

Traverse City, MI Real Estate Data

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Traverse City Housing Market Information

With 15,218 people, 6,467 houses or apartments, and a median cost of homes of $230,362, 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 63.41% of the city's housing units. Other types of housing that are prevalent in Traverse City include large apartment complexes or high rise apartments ( 23.32%), duplexes, homes converted to apartments or other small apartment buildings ( 8.45%), and a few row houses and other attached homes ( 3.90%).

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 58.40% owning and 41.60% renting.

The housing in Traverse City was primarily built before 1939 ( 34.00%), 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 ( 31.49%), followed by between 1940-1969 ( 23.66%). There's also some housing in Traverse City built between 2000 and later ( 10.84%).

Vacant housing appears to be an issue in Traverse City. Fully 14.60% 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 13.78%, which ranks in the top 30% nationwide. This equates to an annual average Traverse City house appreciation rate of 1.30%.

NeighborhoodScout's data show that during the latest twelve months, Traverse City's appreciation rate, at 4.89%, has been at or slightly above the national average. In the latest quarter, Traverse City's appreciation rate has been 0.00%, which annualizes to a rate of 0.00%.

Relative to Michigan, our data show that Traverse City's latest annual appreciation rate is lower 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:

Traverse City, MI HOME PRICES

Value Range
> $1,212,000 1.3
$909,001 - $1,212,000 0.3
$606,001 - $909,000 3.3
$485,001 - $606,000 4.8
$363,001 - $485,000 8.4
$242,001 - $363,000 24.1
$121,001 - $242,000 46.0
$61,001 - $121,000 6.6
$0 - $61,000 5.2

Very High for MI
High for Nation

Value Relative to Nation Value Relative to State
25.7353802882925 9.93589743589744

Number Of Homes And Apartments:

Traverse City Appreciation Rates

Time Period Total Appreciation Avg. Annual Rate Compared To
Compared To
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
45.31% 2.19% 10 5
* 10 is highest

Rent & Ownership


Average Market Rent:
$1,048 / per month

Homeownership Rate

Owners 58.40
Renters 41.60
Vacant 14.60

Housing Market Details


Age of Homes

AGE OF Traverse City HOMES
2000 or Newer 10.8
1970 - 1999 31.5
1940 - 1969 23.7
1939 or Older 34.0

Types of Homes

TYPE OF Traverse City HOMES
Single-Family 63.4
Townhomes 3.9
Small Apt. Buildings 8.5
Apt. Complexes 23.3
Mobile Homes 0.9
Other 0.0

Home Size

SIZE OF Traverse City HOMES
No Bedroom 3.64
1 Bedroom 11.44
2 Bedrooms 32.51
3 Bedrooms 34.40
4 Bedrooms 14.56
5 or more bedrooms 3.45