Is Petoskey, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Petoskey has remained a Seller's Market.
Key Takeaway
Petoskey is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Petoskey, MI
How much do homes in Petoskey, MI cost?
Median Sold Price
$440,000
$233/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Petoskey have sold for 4.1% more than they did a year ago.
Summary: The median home sold price in Petoskey was $440,000 in May 2024, up 4.1% from last year, and the median price per square foot was $233.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $225K | $279.9K | +24.4% |
| 2 Bedrooms | $261K | $313.7K | +20.2% |
| 3 Bedrooms | $407K | $400.5K | -1.6% |
| 4 Bedrooms | $680K | $659K | -3.1% |
| 5+ Bedrooms | $1.2M | $1.2M | -0.4% |
Summary: Petoskey housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 24.4%, 2 bedroom homes increased by 20.2%, 3 bedroom homes decreased by 1.6%, 4 bedroom homes decreased by 3.1%, and 5+ bedroom homes decreased by 0.4%.
Median Sold Price Compared To Nearby Cities
| Petoskey | $422.5K | $440K | +4.1% |
| Resort Township | $515K | $520K | +1.0% |
| Bear Creek Township | $397.5K | $371.6K | -6.5% |
Housing Supply in Petoskey, MI
How many homes are available in Petoskey, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 85 | 133 | +56.5% |
Summary: The Petoskey real estate market had 133 homes for sale in May 2024, a 56.5% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 7 | 7 | 0.0% |
| 2 Bedrooms | 14 | 17 | +21.4% |
| 3 Bedrooms | 32 | 53 | +65.6% |
| 4 Bedrooms | 22 | 31 | +40.9% |
| 5+ Bedrooms | 10 | 25 | +150.0% |
Summary: The Petoskey housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 21.4%, 3 bedroom homes increased by 65.6%, 4 bedroom homes increased by 40.9%, and 5+ bedroom homes increased by 150%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 14 | 25 | +78.6% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Petoskey, you may be able to get a good deal. 48% of homes here sold below asking price last month.
Summary: A total of 25 homes were sold or pending in Petoskey in May 2024, up by 78.6% month-over-month. Of the 25 sold homes, 48% were sold under asking, 20% were sold at asking, and 32% were sold over asking.
Days on Market for Petoskey, MI
How long does it take to sell a home in Petoskey, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 52 Days | 34 Days | -34.0% |
Summary: Homes in Petoskey had an average of 34 days on market in May 2024, down by 34% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Petoskey are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 25 homes were sold in Petoskey; 8% of homes were sold within 30 days, 4% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
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