Traverse City, MI Real Estate Market

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 Q4 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Traverse City, MI Housing Market Trends

With a population of 15,678, 6,835 total housing units (homes and apartments), and a median house value of $404,080, 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 61.35% of the city's housing units. Other types of housing that are prevalent in Traverse City include large apartment complexes or high rise apartments ( 22.25%), duplexes, homes converted to apartments or other small apartment buildings ( 10.74%), and a few row houses and other attached homes ( 5.33%).

People in Traverse City primarily live in small (one, two or no bedroom) single-family detached homes. Traverse City has a mixture of owner-occupied and renter-occupied housing.

The housing in Traverse City was primarily built before 1939 ( 36.32%), 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 ( 26.38%), followed by between 1940-1969 ( 25.37%). There's also some housing in Traverse City built between 2000 and later ( 11.92%).

Vacant housing appears to be an issue in Traverse City. Fully 10.28% 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

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 110.78% over the last ten years, which is an average annual home appreciation rate of 7.74%, 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.

Appreciation rates are so strong in Traverse City that despite a nationwide downturn in the housing market, Traverse City real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Traverse City appreciation rates continue to be some of the highest in America, at 21.37%, which is higher than appreciation rates in 76.19% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Traverse City. Traverse City appreciation rates in the latest quarter were at 8.58%, which equates to an annual appreciation rate of 39.02%.

Relative to Michigan, our data show that Traverse City's latest annual appreciation rate is higher than 60% 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:
$404,080

Traverse City, MI HOME PRICES

> $1,435,000
$1,076,001 - $1,435,000
$717,001 - $1,076,000
$574,001 - $717,000
$431,001 - $574,000
$287,001 - $431,000
$143,001 - $287,000
$72,001 - $143,000
$0 - $72,000
1.5%
1.5%
3.0%
3.0%
9.6%
9.6%
8.2%
8.2%
20.1%
20.1%
29.5%
29.5%
23.2%
23.2%
2.8%
2.8%
2.2%
2.2%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for MI

Value Relative To Nation

Number Of Homes And Apartments:
6,835

Traverse City Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2021 Q3 - 2021 Q4
Last 12 Months:
2020 Q4 - 2021 Q4
Last 2 Years:
2019 Q4 - 2021 Q4
Last 5 Years:
2016 Q4 - 2021 Q4
Last 10 Years:
2011 Q4 - 2021 Q4
Since 2000:
2000 Q1 - 2021 Q4
134.50% 3.95%
10
8
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,391 / per month

Homeownership Rate

Owners
Renters
Vacant
57.9%
57.9%
42.1%
42.1%
10.3%
10.3%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
11.9%
11.9%
26.4%
26.4%
25.4%
25.4%
36.3%
36.3%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
61.4%
61.4%
5.3%
5.3%
10.7%
10.7%
22.2%
22.2%
0.3%
0.3%
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
1.8%
1.8%
12.6%
12.6%
34.3%
34.3%
31.6%
31.6%
15.5%
15.5%
4.2%
4.2%
0.0% 100.0%
% OF HOMES