$10,000 Closing Credit*
$1,195,000
3,336 SqFt
4 Beds
•3 Full Baths, 2 Partial
Mark Ashley, Listing Office: Coldwell Banker Schmidt - Petoskey
Is Petoskey, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since September 2023
At the same time last year, Petoskey was a Seller's Market.
Key Takeaway
Petoskey is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Petoskey, MI
How much do homes in Petoskey, MI cost?
Median Sold Price
$444,500
$252/sqft
Based on all homes sold in the last 12 months.
Difference Since September 2023
+$19,500(+4.6%)
Key Takeaway
Homes in Petoskey have sold for 4.6% more than they did a year ago.
Summary: The median home sold price in Petoskey was $444,500 in September 2024, up 4.6% from last year, and the median price per square foot was $252.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Sep 2023 | Sep 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $242K | $279.9K | +15.7% |
| 2 Bedrooms | $285K | $312.5K | +9.6% |
| 3 Bedrooms | $397.5K | $415K | +4.4% |
| 4 Bedrooms | $587.5K | $649.2K | +10.5% |
| 5+ Bedrooms | $1.2M | $1.7M | +35.5% |
Summary: Petoskey housing prices by bedroom type for September 2024 compared to the previous year: The home price of 1 bedroom homes increased by 15.7%, 2 bedroom homes increased by 9.6%, 3 bedroom homes increased by 4.4%, 4 bedroom homes increased by 10.5%, and 5+ bedroom homes increased by 35.5%.
Median Sold Price Compared To Nearby Cities
| Resort Township | $450K | $611.7K | +35.9% |
| Petoskey | $425K | $444.5K | +4.6% |
| Bear Creek Township | $395K | $375K | -5.1% |
Housing Supply in Petoskey, MI
How many homes are available in Petoskey, MI?
Number of Homes For Sale
| Aug 2024 | Sep 2024 | CHANGE |
|---|---|---|
| 134 | 133 | -0.7% |
Summary: The Petoskey real estate market had 133 homes for sale in September 2024, a 0.7% decrease compared to August 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Aug 2024 | Sep 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 5 | 7 | +40.0% |
| 2 Bedrooms | 21 | 15 | -28.6% |
| 3 Bedrooms | 50 | 49 | -2.0% |
| 4 Bedrooms | 18 | 21 | +16.7% |
| 5+ Bedrooms | 40 | 41 | +2.5% |
Summary: The Petoskey housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 40%, 2 bedroom homes decreased by 28.6%, 3 bedroom homes decreased by 2%, 4 bedroom homes increased by 16.7%, and 5+ bedroom homes increased by 2.5%.
Number of Homes Sold
| Aug 2024 | Sep 2024 | CHANGE |
|---|---|---|
| 30 | 22 | -26.7% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Petoskey, you may be able to get a good deal. 54.5% of homes here sold below asking price last month.
Summary: A total of 22 homes were sold or pending in Petoskey in September 2024, down by 26.7% month-over-month. Of the 22 sold homes, 55% were sold under asking, 23% were sold at asking, and 23% 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
| Sep 2023 | Sep 2024 | CHANGE |
|---|---|---|
| 36 Days | 177 Days | +391.7% |
Summary: Homes in Petoskey had an average of 177 days on market in Sep 2024, up by 391.7% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Petoskey are selling fast, if you're buying plan to act quickly.
Summary: During September 2024, 22 homes were sold in Petoskey; 5% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
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