Housing in Traverse City, MI

Home values, rent, ownership rates, and housing market data

Housing Market Snapshot

Source: Redfin — January 2026

Median Sale Price

$356,000

Median List Price

$390,000

Price Per Sq Ft

$273

Days on Market

91

Active Inventory

116

Months of Supply

6.4

Buyer's market

Zillow Home Value

$424,590

ZHVI — January 2026

Zillow Rent Index

$1,913

ZORI — January 2026

Price Trends

Source: Redfin
Sale Price ↓ 9.9%List Price ↑ 9.9%Mar 24 → Jan 26

Market Competitiveness

Source: Redfin

Sold Above List

11.1%

Off Market in 2 Weeks

31.8%

Sale-to-List Ratio

90.3%

Buyer's market

Sold Above Asking
11.1%
Under Contract in 2 Wks
31.8%
Listings with Price Drops
7.8%

Market Activity

Source: Redfin

Homes Sold

18

New Listings

25

Pending Sales

22

Homes Sold ↓ 53.8%New Listings ↓ 54.5%Pending ↓ 40.5%Mar 24 → Jan 26

Price Per Square Foot

Source: Redfin

Median Sale $/SF

$273

Median List $/SF

$420

Sale $/SF ↓ 20.4%List $/SF ↑ 16.7%Mar 24 → Jan 26

Traverse City vs Similar Cities

Source: Census ACS / Redfin (2023)

Compared to cities with 10,000 - 25,000 residents. Traverse City is highlighted.

Median Home Value

Median Rent

Median Price Per Sq Ft

Rent Burden

Census Housing Data

Source: U.S. Census Bureau ACS (2023)

Median Home Value

$367,600

Median Rent

$983

Total Housing Units

8,583

Vacancy Rate

14.8%

Owner Occupied

60.9%

Renter Occupied

39.1%

Median Property Tax

$4,477

per year

Monthly Cost (w/ Mortgage)

$1,311

Housing Types

Single Family
65.4%
Multi-Family
34.1%
Mobile Home
0.4%

The current median sale price in Traverse City, MI is $356,000 according to Redfin data. Homes spend a median of 91 days on the market. 11.1% of homes sold above asking price. The market has 6.4 months of supply. The median price per square foot is $273. Zillow's observed rent index is $1,913/month. About 60.9% of housing units are owner-occupied. The median year homes were built is 1960. There are 8,583 total housing units.