$3,680 Closing Credit*
$309,900
1,013 SqFt
2 Beds
•2 Full Baths
Sally Teal, Listing Office: Berkshire Hathaway HomeServices Michigan Real Estate - HS
Is Petoskey, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 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
$450,000
$250/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$24,291(+5.7%)
Key Takeaway
Homes in Petoskey have sold for 5.7% more than they did a year ago.
Summary: The median home sold price in Petoskey was $450,000 in November 2024, up 5.7% from last year, and the median price per square foot was $250.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $269.4K | $264.5K | -1.8% |
| 2 Bedrooms | $285K | $320K | +12.3% |
| 3 Bedrooms | $401K | $397.5K | -0.9% |
| 4 Bedrooms | $627.5K | $625.8K | -0.3% |
| 5+ Bedrooms | $1.7M | $1.1M | -34.9% |
Summary: Petoskey housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1.8%, 2 bedroom homes increased by 12.3%, 3 bedroom homes decreased by 0.9%, 4 bedroom homes decreased by 0.3%, and 5+ bedroom homes decreased by 34.9%.
Median Sold Price Compared To Nearby Cities
| Resort Township | $440K | $535K | +21.6% |
| Petoskey | $425.7K | $450K | +5.7% |
| Bear Creek Township | $408.5K | $398.7K | -2.4% |
Housing Supply in Petoskey, MI
How many homes are available in Petoskey, MI?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 119 | 108 | -9.2% |
Summary: The Petoskey real estate market had 108 homes for sale in November 2024, a 9.2% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 5 | +25.0% |
| 2 Bedrooms | 10 | 16 | +60.0% |
| 3 Bedrooms | 40 | 33 | -17.5% |
| 4 Bedrooms | 25 | 22 | -12.0% |
| 5+ Bedrooms | 40 | 32 | -20.0% |
Summary: The Petoskey housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 25%, 2 bedroom homes increased by 60%, 3 bedroom homes decreased by 17.5%, 4 bedroom homes decreased by 12%, and 5+ bedroom homes decreased by 20%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 26 | 17 | -34.6% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
0 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. 70.6% of homes here sold below asking price last month.
Summary: A total of 17 homes were sold or pending in Petoskey in November 2024, down by 34.6% month-over-month. Of the 17 sold homes, 71% were sold under asking, 0% were sold at asking, and 29% were sold over asking.
Days on Market for Petoskey, MI
We’re sorry, we don't have information for this market at the moment
© 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: 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.