$4,691 Closing Credit*
$395,000
2,000 SqFt
4 Beds
•1 Full Bath
Mary Hoyt, Listing Office: REO-TCBeulah-Frankfort-233027
Is Traverse City, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 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
$450,000
$258/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$20,343(+4.7%)
Key Takeaway
Homes in Traverse City have sold for 4.7% more than they did a year ago.
Summary: The median home sold price in Traverse City was $450,000 in November 2024, up 4.7% from last year, and the median price per square foot was $258.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $265K | $300K | +13.2% |
| 2 Bedrooms | $330K | $339.9K | +3.0% |
| 3 Bedrooms | $400K | $415.3K | +3.8% |
| 4 Bedrooms | $575K | $586.3K | +2.0% |
| 5+ Bedrooms | $765K | $682.1K | -10.8% |
Summary: Traverse City housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13.2%, 2 bedroom homes increased by 3%, 3 bedroom homes increased by 3.8%, 4 bedroom homes increased by 2%, and 5+ bedroom homes decreased by 10.8%.
Median Sold Price Compared To Nearby Cities
| Elmwood Charter Township | $458K | $504K | +10.0% |
| Garfield Charter Township | $369.7K | $399.9K | +8.2% |
| East Bay Township | $404.7K | $431.2K | +6.5% |
| Traverse City | $429.6K | $450K | +4.7% |
| Peninsula Township | $850K | $825K | -2.9% |
Housing Supply in Traverse City, MI
How many homes are available in Traverse City, MI?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 493 | 452 | -8.3% |
Summary: The Traverse City real estate market had 452 homes for sale in November 2024, a 8.3% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 23 | 25 | +8.7% |
| 2 Bedrooms | 116 | 107 | -7.8% |
| 3 Bedrooms | 174 | 167 | -4.0% |
| 4 Bedrooms | 127 | 105 | -17.3% |
| 5+ Bedrooms | 53 | 48 | -9.4% |
Summary: The Traverse City housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 8.7%, 2 bedroom homes decreased by 7.8%, 3 bedroom homes decreased by 4%, 4 bedroom homes decreased by 17.3%, and 5+ bedroom homes decreased by 9.4%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 92 | 87 | -5.4% |
Asking Price vs. Sold Price
54 Homes Were Sold
Under Asking
20 Homes Were Sold
At Asking
8 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. 65.9% of homes here sold below asking price last month.
Summary: A total of 87 homes were sold or pending in Traverse City in November 2024, down by 5.4% month-over-month. Of the 82 sold homes, 66% were sold under asking, 24% were sold at asking, and 10% 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
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 40 Days | 84 Days | +106.0% |
Summary: Homes in Traverse City had an average of 84 days on market in Nov 2024, up by 106% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
55 Homes Were Sold
In 30 - 90 Days
23 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Traverse City has remained consistent over time.
Summary: During November 2024, 87 homes were sold in Traverse City; 8% of homes were sold within 30 days, 63% of homes were sold within 30 to 90 days, and 26% of homes were sold over 90 days.
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
© 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.