$949 Closing Credit*
$79,900
864 SqFt
2 Beds
•1 Full Bath
Laura Corpe, Listing Office: KW Northern Michigan Team Partners
Is Traverse City, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
Since last year, Traverse City has remained a Seller's Market.
Key Takeaway
Traverse City is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Traverse City, MI
How much do homes in Traverse City, MI cost?
Median Sold Price
$446,781
$255/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$12,715(+2.9%)
Key Takeaway
Homes in Traverse City have sold for 2.9% more than they did a year ago.
Summary: The median home sold price in Traverse City was $446,781 in October 2024, up 2.9% from last year, and the median price per square foot was $255.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $285K | $288.5K | +1.2% |
| 2 Bedrooms | $328K | $329K | 0.3% |
| 3 Bedrooms | $400K | $408.8K | +2.2% |
| 4 Bedrooms | $572.5K | $593.3K | +3.6% |
| 5+ Bedrooms | $799.5K | $700K | -12.4% |
Summary: Traverse City housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.2%, 2 bedroom homes increased by 0.3%, 3 bedroom homes increased by 2.2%, 4 bedroom homes increased by 3.6%, and 5+ bedroom homes decreased by 12.4%.
Median Sold Price Compared To Nearby Cities
| East Bay Township | $385K | $429K | +11.4% |
| Elmwood Charter Township | $490.2K | $507K | +3.4% |
| Traverse City | $434K | $446.7K | +2.9% |
| Garfield Charter Township | $370K | $375K | +1.4% |
Housing Supply in Traverse City, MI
How many homes are available in Traverse City, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 474 | 499 | +5.3% |
Summary: The Traverse City real estate market had 499 homes for sale in October 2024, a 5.3% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 23 | 25 | +8.7% |
| 2 Bedrooms | 110 | 110 | 0.0% |
| 3 Bedrooms | 171 | 179 | +4.7% |
| 4 Bedrooms | 122 | 134 | +9.8% |
| 5+ Bedrooms | 48 | 51 | +6.3% |
Summary: The Traverse City housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 8.7%, 2 bedroom homes remained the same, 3 bedroom homes increased by 4.7%, 4 bedroom homes increased by 9.8%, and 5+ bedroom homes increased by 6.3%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 101 | 88 | -12.9% |
Asking Price vs. Sold Price
41 Homes Were Sold
Under Asking
23 Homes Were Sold
At Asking
19 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Traverse City, you may be able to get a good deal. 49.4% of homes here sold below asking price last month.
Summary: A total of 88 homes were sold or pending in Traverse City in October 2024, down by 12.9% month-over-month. Of the 83 sold homes, 49% were sold under asking, 28% were sold at asking, and 23% were sold over asking.
Days on Market for Traverse City, MI
How long does it take to sell a home in Traverse City, MI?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 58 Days | 73 Days | +26.1% |
Summary: Homes in Traverse City had an average of 73 days on market in Oct 2024, up by 26.1% compared to last year.
Breakdown of Home Sale Times
13 Homes Were Sold
Under 30 Days
53 Homes Were Sold
In 30 - 90 Days
22 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Traverse City has remained consistent over time.
Summary: During October 2024, 88 homes were sold in Traverse City; 15% of homes were sold within 30 days, 60% of homes were sold within 30 to 90 days, and 25% 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.
The data relating to real estate on this web site comes in part from the Internet Data Exchange Program of the Northern Michigan MLS (NM-MLS). The listings displayed come from various NM-MLS. member offices who have chosen to participate in NM-MLSX IDX, the detailed information 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 about said listings includes the listing office information. 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 NM-MLS, or this broker shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless. © 2024 NM-MLS. All rights reserved
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.