$7,719 Closing Credit*
$650,000
3,741 SqFt
4 Beds
•2 Full Baths, 1 Partial
Geno D'Angelo, Listing Office: The Geno D'Angelo Group
Is Petoskey, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since December 2023
At the same time last year, Petoskey was a Seller's Market.
Key Takeaway
Petoskey is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Petoskey, MI
How much do homes in Petoskey, MI cost?
Median Sold Price
$450,000
$253/sqft
Based on all homes sold in the last 12 months.
Difference Since December 2023
+$15,958(+3.7%)
Key Takeaway
Homes in Petoskey have sold for 3.7% more than they did a year ago.
Summary: The median home sold price in Petoskey was $450,000 in December 2024, up 3.7% from last year, and the median price per square foot was $253.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Dec 2023 | Dec 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $279.9K | $264.5K | -5.5% |
| 2 Bedrooms | $299K | $319.9K | +7.0% |
| 3 Bedrooms | $404K | $395.2K | -2.2% |
| 4 Bedrooms | $600K | $659.2K | +9.9% |
| 5+ Bedrooms | $2.0M | $950K | -53.7% |
Summary: Petoskey housing prices by bedroom type for December 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 5.5%, 2 bedroom homes increased by 7%, 3 bedroom homes decreased by 2.2%, 4 bedroom homes increased by 9.9%, and 5+ bedroom homes decreased by 53.7%.
Median Sold Price Compared To Nearby Cities
| Resort Township | $450K | $573.3K | +27.4% |
| Petoskey | $434K | $450K | +3.7% |
| Bear Creek Township | $409.9K | $387.5K | -5.5% |
Housing Supply in Petoskey, MI
How many homes are available in Petoskey, MI?
Number of Homes For Sale
| Nov 2024 | Dec 2024 | CHANGE |
|---|---|---|
| 102 | 96 | -5.9% |
Summary: The Petoskey real estate market had 96 homes for sale in December 2024, a 5.9% decrease compared to November 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Nov 2024 | Dec 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 3 | +200.0% |
| 2 Bedrooms | 15 | 12 | -20.0% |
| 3 Bedrooms | 33 | 33 | 0.0% |
| 4 Bedrooms | 22 | 20 | -9.1% |
| 5+ Bedrooms | 31 | 28 | -9.7% |
Summary: The Petoskey housing inventory by bedroom type for December 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 200%, 2 bedroom homes decreased by 20%, 3 bedroom homes remained the same, 4 bedroom homes decreased by 9.1%, and 5+ bedroom homes decreased by 9.7%.
Number of Homes Sold
| Nov 2024 | Dec 2024 | CHANGE |
|---|---|---|
| 17 | 10 | -41.2% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Petoskey, you may be able to get a good deal. 80% of homes here sold below asking price last month.
Summary: A total of 10 homes were sold or pending in Petoskey in December 2024, down by 41.2% month-over-month. Of the 10 sold homes, 80% were sold under asking, 10% were sold at asking, and 10% were sold over asking.
Days on Market for Petoskey, MI
We’re sorry, we don't have information for this market at the moment
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