Data through September 2026 · updated 2026-11-07 · free, from Zillow, Realtor.com, the Census Bureau and other public sources
Typical home value$417,443+2.6% YoY · prices are rising
Market right nowBuyer's marketMore homes for sale than last year, 22% have cut their price
Income needed to buy, per year$90,493About 1.1× the local median income ($82,515): a stretch for a typical household
Days on market62 daysAbout the same pace as a year ago
Next 12 months+3.6%Zillow expects prices to rise slightly
The typical home in Grand Traverse County, MI is worth $417,443, up 2.6% from a year ago. That is well above what local incomes have historically supported: fair value is about $323,999, so the area is 28.8% overvalued. It is a buyer's market: homes take about 62 days to sell, listings are up 12% from a year ago, 22% of listings have had a price cut. Zillow expects prices to rise about 3.6% over the next year. A household needs about $90,493 a year to afford the typical home here at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $82,515. Typical rent is $1,845 a month, or $2,233 for a house. In the latest IRS figures, 352 more people moved in than out.
Home value over time
Solid: typical home value · dashed: fair value (household income × the 20-year average price-to-income ratio). Sources: FHFA, Zillow, U.S. Census Bureau.
Prices and affordability
Typical home value
$417,443
Change in 1 year
+2.6%
Overvalued %
+28.8%
Show 7 more
Fair home value
$323,999
Change in 5 years
+30.8%
Zillow forecast, next 12 months
+3.6%
Home value to income
5.1×
Monthly mortgage payment (20% down)
$2,262
Income needed to afford it
$90,493
Property tax rate
0.89%
Rent and investing
Typical rent
$1,845
Typical rent for houses
$2,233
Price-to-rent ratio
18.9×
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HUD Fair Market Rent, 2 bedrooms
$1,436
Gross rental yield
5.30%
Cap rate (estimate)
3.45%
Market activity
Listings vs a year ago
+12.2%
Days on market
62
Listings with a price cut
21.7%
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Homes for sale
514
Pending sales per 100 listings
33
Asking price per sq ft
$306
People and jobs
Median household income
$82,515
Population change (1 year)
+0.3%
Unemployment rate
3.8%
Show 4 more
Population
96,729
Income adjusted for cost of living
$88,346
Net moves in (IRS)
+352
Cost of living (US = 100)
93.4
Schools, risk and environment
School rating (1 to 10)
7.7
FEMA hazard risk score (0 to 100)
65.6
Flood risk score
58.0
Show 3 more
Wildfire risk score
31.0
Walkability (1 to 20)
7.6
Road, rail and air noise
53 dB
Questions people ask
Is Grand Traverse County, MI overvalued?
Home prices in Grand Traverse County, MI are well above what local incomes have historically supported: fair value is about $323,999, so the area is 28.8% overvalued.
Is Grand Traverse County, MI a buyer's or seller's market?
Grand Traverse County, MI is a buyer's market: homes take about 62 days to sell, listings are up 12% from a year ago, 22% of listings have had a price cut.
Are home prices going down in Grand Traverse County, MI?
Home values in Grand Traverse County, MI are up 2.6% over the last year. Zillow's forecast for the next 12 months is +3.6%.
How much do you need to earn to buy a home in Grand Traverse County, MI?
A household needs about $90,493 a year to afford the typical home in Grand Traverse County, MI at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $82,515.