Is Grand Traverse County, 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, Grand Traverse County has remained a Seller's Market.
Key Takeaway
Grand Traverse County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Grand Traverse County, MI
How much do homes in Grand Traverse County, MI cost?
Median Sold Price
$407,142
$234/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Grand Traverse County have sold for 3.9% less than they did a year ago.
Summary: The median home sold price in Grand Traverse County was $407,142 in May 2024, down 3.9% from last year, and the median price per square foot was $234.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $249.9K | $285K | +14.0% |
| 2 Bedrooms | $308.7K | $311.6K | +0.9% |
| 3 Bedrooms | $380.5K | $371.3K | -2.4% |
| 4 Bedrooms | $525K | $529.6K | +0.9% |
| 5+ Bedrooms | $661.6K | $705K | +6.6% |
Summary: Grand Traverse County housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 14%, 2 bedroom homes increased by 0.9%, 3 bedroom homes decreased by 2.4%, 4 bedroom homes increased by 0.9%, and 5+ bedroom homes increased by 6.6%.
Median Sold Price Compared To Nearby Counties
| Wexford County | $168.9K | $216.8K | +28.4% |
| Leelanau County | $573.7K | $660.1K | +15.1% |
| Kalkaska County | $227.7K | $258.5K | +13.5% |
| Grand Traverse County | $423.7K | $407.1K | -3.9% |
| Benzie County | $406.5K | $355K | -12.7% |
Housing Supply in Grand Traverse County, MI
How many homes are available in Grand Traverse County, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 453 | 561 | +23.8% |
Summary: The Grand Traverse County real estate market had 561 homes for sale in May 2024, a 23.8% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 19 | 21 | +10.5% |
| 2 Bedrooms | 101 | 119 | +17.8% |
| 3 Bedrooms | 207 | 249 | +20.3% |
| 4 Bedrooms | 95 | 133 | +40.0% |
| 5+ Bedrooms | 31 | 39 | +25.8% |
Summary: The Grand Traverse County housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 10.5%, 2 bedroom homes increased by 17.8%, 3 bedroom homes increased by 20.3%, 4 bedroom homes increased by 40%, and 5+ bedroom homes increased by 25.8%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 105 | 118 | +12.4% |
Asking Price vs. Sold Price
43 Homes Were Sold
Under Asking
34 Homes Were Sold
At Asking
34 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Grand Traverse County, you may be able to get a good deal. 38.7% of homes here sold below asking price last month.
Summary: A total of 118 homes were sold or pending in Grand Traverse County in May 2024, up by 12.4% month-over-month. Of the 111 sold homes, 39% were sold under asking, 31% were sold at asking, and 31% were sold over asking.
Days on Market for Grand Traverse County, MI
How long does it take to sell a home in Grand Traverse County, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 73 Days | 52 Days | -28.3% |
Summary: Homes in Grand Traverse County had an average of 52 days on market in May 2024, down by 28.3% compared to last year.
Breakdown of Home Sale Times
44 Homes Were Sold
Under 30 Days
56 Homes Were Sold
In 30 - 90 Days
17 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Grand Traverse County has remained consistent over time.
Summary: During May 2024, 118 homes were sold in Grand Traverse County; 37% of homes were sold within 30 days, 47% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.
Disclaimer: The data relating to real estate on this web site comes in part from the IDX of Realcomp II Ltd. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified. 
© 2024 Water Wonderland MLS, Inc © All rights reserved. The data relating to real estate on this web site comes in part from the Internet Data Exchange Program of the Water Wonderland MLS (WWLX). Real estate listings held by brokerage firms other than this broker are marked with the WWLX logo and the detailed information about said listing includes the listing office.The listings displayed come from various Water Wonderland Board of REALTORS® member offices who have chosen to participate in WWBR. The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither the site hosting broker(s), nor the listing broker or Water Wonderland Board of REALTORS® shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless.
Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.