| Metric | Latest | Detail |
|---|---|---|
| Median listing price | $541,250 | -4.2% YoY |
| Median price per sq ft | $317 | 1,709 sq ft median |
| Median days on market | 61 | 0% YoY |
| Active listings | 882 | +12% YoY |
| New listings this month | 268 | September 2026 |
| Listings with a price cut | 23% | Share of active |
| Median sale price (closed) | $454,000 | +8.1% YoY · closed sales, July 2026 |
| Sale-to-list ratio | 98.5% | Closed sales, July 2026, seasonally adjusted |
| Pending-to-active ratio | 36.8% | 324 pending |
| Inventory vs 2019 | 56% | Active listings vs same month in 2019 |
| Gross rental yield | 2.9% | 2BR fair market rent |
Metropolitan market · Michigan · September 2026 data
What is the Traverse City, MI real estate market doing?
As of September 2026, the median home listed in Traverse City, MI asks $541,250, down 4.2% year over year. Homes spend a median of 61 days on market, with 882 active listings and 23% carrying a price cut; pending contracts equal 37% of active listings, and inventory sits at 56% of the same month in 2019 — a balanced market. Estimated gross rental yield on the median listing is 2.9%. Figures come from public records and industry data, updated monthly.
Median listing price
$541,250
▼ 4.2% YoY
Median $ / sq ft
$317
1,709 sq ft median
Median days on market
61
September 2026
Active listings
882
For sale now
New listings
268
September 2026
Listings with price cuts
23%
Share of active
Inventory vs 2019
56%
Same month, 2019 = 100
Pending / active
37%
Contract activity
Median sale price (closed)
$454,000
▲ 8.1% YoY · closed sales · July 2026
Sale-to-list ratio
98.5%
Closed sales · July 2026, seasonally adjusted
Homes sold / month
297
Closed sales · July 2026, seasonally adjusted
What is the Traverse City, MI housing market doing right now?
The Traverse City, MI housing market lists at a $541,250 median as of September 2026, down 4.2% year over year, with a 61-day median market time and 882 homes for sale (23% with a price cut). Active inventory is 56% of the 2019 level, reading as a balanced market under WealthyBud's published buyer/seller rule. Gross rental yield is about 2.9%.
Traverse City housing market statistics
The table summarizes Traverse City's key housing figures for September 2026 — median listing and closed-sale prices, market pace, inventory and rental yield — each computed from public records and industry data. Closed-sale figures are Redfin's July 2026 data, the latest settled month Redfin reports for Traverse City.
How have home prices changed in Traverse City?
Traverse City home prices are down 4.2% year over year and -1.6% month over month as of September 2026, at a $541,250 median listing price. The chart tracks the trailing eight-quarter trend in the metro's median asking price.
Median listing price, Traverse City MI · trailing 8 quarters · source: public records and industry data.
The 10-year view
10-year median listing price, Traverse City MI · June of each year, 2017–2026 · source: public records and industry data.
How much inventory is on the market in Traverse City?
Traverse City has 882 active listings, 268 new this month, 324 pending as of September 2026. About 23% of active listings have cut their price, and inventory sits at 56% of its 2019 level — a balanced market by pace.
Is Traverse City a good real estate investment?
Traverse City scores 42/100 on WealthyBud's composite Investor Score, ranking #613 of 933 covered U.S. metros as of September 2026. The score blends price momentum, value, rental yield, supply and market heat into one percentile. It is a research opinion, not advice.
Investor Score
42/100
#613 of 933 covered metros
Price volatility
High
σ 6.9% · 20-yr price-index swings
Traverse City scores 42/100 on our composite Investor Score (#613 of 933 covered metros), a percentile blend of momentum, value, rental yield, supply and market-heat readings; the metro's long-run house price index has it up 68% over five years and +134% over ten, leaving prices 94% above its own 2000–2019 trend; at the published FY2026 fair market rent of $1,317/mo for a two-bedroom, the gross rental yield on the median listing is about 2.9%; active inventory sits at 56% of its June 2019 level, so supply is still below pre-pandemic norms; listing prices are down 4.2% year over year; all against a national 30-year fixed mortgage rate of 7.28% (national weekly average, 2026-10-01).
Scores are percentile ranks (0–100) across all covered U.S. metros, computed from the public data cited on this page — formulas here. They are data-derived opinions, not investment advice. See how Traverse City ranks on the trending markets index.
How much is a monthly mortgage payment in Traverse City?
A home at Traverse City's $541,250 median listing runs about $2,963 a month in principal and interest — 20% down on a 30-year fixed loan at the current 7.28% national average rate. Taxes, insurance and HOA are extra.
If rates fall 1% · 6.28%
$2,675/mo
−$288/mo vs today
At today's rate · 7.28%
$2,963/mo
National weekly average
If rates rise 1% · 8.28%
$3,262/mo
+$299/mo vs today
Principal & interest on the $541,250 median listing with 20% down and a 30-year fixed loan — excludes taxes, insurance and HOA. Current rate: 7.28% (national weekly average, 2026-10-01). Model a full deal in the deal analyzer.
How much income do you need to buy a home in Traverse City?
To buy Traverse City’s $541,250 median listing with 20% down, a household needs about $145,000 a year in gross income, keeping principal, interest and property tax ($3,378/mo) at 28% of income. That is 1.9× the area’s $77,495 median household income, so a typical Traverse City household cannot afford the median listing on these terms.
| Item | Amount | Basis |
|---|---|---|
| Median listing price | $541,250 | September 2026 |
| Down payment (20%) | $108,250 | Assumption |
| Principal & interest (7.28%, 30-yr fixed) | $2,963/mo | Rate as of 2026-10-01 |
| Property tax (0.92% effective rate) | $415/mo | Census ACS |
| Income needed (28% rule) | $145,000 | Gross household income / yr |
| Median household income | $77,495 | Census ACS 2023 ACS 5-year |
Excludes homeowners insurance, HOA dues and mortgage insurance, so the true income needed is higher. Compare every market in the income-needed ranking and the price-to-income ranking.
What is driving the Traverse City housing market?
Longer-run demand in Traverse City shows up in 859 homes permitted in 2025; net migration of +914 residents; +0.9% job growth. Natural-hazard risk rates Relatively Low. These federal supply-pipeline, migration and jobs signals shape where prices head next.
Building permits (2025)
859
▼ 30.3% vs 2024
5.5 per 1,000 residents
Net migration (2022–2023)
+914
▲ people, via tax-return records
net income flow +$135.1M/yr
Job growth (YoY)
+0.9%
▲ 77.3k nonfarm jobs · August 2026
Natural-hazard risk
Relatively Low
National hazard index · top hazard: Cold wave
Based on public government records — building-permit, tax-return migration, employment and natural-hazard statistics, aggregated to the metro. Details on /methodology.
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ReadTraverse City housing market FAQ
What is the median home price in Traverse City?
As of September 2026, the median listing price in Traverse City, MI is $541,250, down 4.2% year over year (source: public records and industry data). Figures cover the Traverse City, MI metro area.
How much does it cost to buy a home in Traverse City?
The median home listed in Traverse City asks $541,250 as of September 2026. With 20% down on a 30-year fixed loan at the current 7.28% national average rate, that runs about $2,963 a month in principal and interest, before taxes, insurance and HOA.
How fast are homes selling in Traverse City?
The median property in Traverse City spends 61 days on the market, with 882 homes actively listed and 23% of them carrying a price cut — a balanced market as of September 2026.
Is it a buyer's or seller's market in Traverse City?
With a median 61 days on market and 23% of active listings carrying a price cut, pending contracts at 37% of active listings, Traverse City reads as a balanced market as of September 2026. Labels use WealthyBud's published DOM / sale-to-list / price-cut / pending rule. Conditions shift monthly.
Is Traverse City a good place to invest in real estate?
Traverse City scores 42/100 on WealthyBud's Investor Score, ranking #613 of 933 covered U.S. metros as of September 2026. The score blends price momentum, value, rental yield, supply and market heat. It is a data-derived research opinion, not investment advice.
Who are the top real estate agents in Traverse City?
See WealthyBud directories for the top-producing agents, teams and brokerages serving Traverse City and the wider Michigan market, ranked by recent sales from public profile data.
Based on public records and industry data, September 2026 — see our methodology for how every figure is computed. Figures cover the Traverse City, MI metro area. Figures change monthly — verify current conditions with a local agent or MLS. Portions of market data courtesy of Realtor.com and Redfin; additional statistics from U.S. government sources.
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