Data through September 2026 · updated 2026-11-07 · free, from Zillow, Realtor.com, the Census Bureau and other public sources
Typical home value$419,457+3.2% YoY · prices are rising fast
Market right nowBuyer's marketMore homes for sale than last year, 20% have cut their price
Income needed to buy, per year$90,930About 1.1× the local median income ($82,504): a stretch for a typical household
Days on market64 daysAbout the same pace as a year ago
Next 12 months+3.6%Zillow expects prices to rise slightly
The typical home in Traverse City, MI is worth $419,457, up 3.2% from a year ago. That is well above what local incomes have historically supported: fair value is about $349,604, so the area is 20.0% overvalued. It is a buyer's market: homes take about 64 days to sell, listings are up 15% from a year ago, 20% of listings have had a price cut. Zillow expects prices to rise about 3.6% over the next year. A household needs about $90,930 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 $82,504. Typical rent is $1,853 a month, or $2,243 for a house. In the latest IRS figures, 914 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
$419,457
Change in 1 year
+3.2%
Overvalued %
+20.0%
Show 7 more
Fair home value
$349,604
Change in 5 years
+28.1%
Zillow forecast, next 12 months
+3.6%
Home value to income
5.1×
Monthly mortgage payment (20% down)
$2,273
Income needed to afford it
$90,930
Property tax rate
0.84%
Rent and investing
Typical rent
$1,853
Typical rent for houses
$2,243
Price-to-rent ratio
18.9×
Show 3 more
HUD Fair Market Rent, 2 bedrooms
$1,371
Gross rental yield
5.30%
Cap rate (estimate)
3.45%
Market activity
Listings vs a year ago
+15.2%
Days on market
64
Listings with a price cut
20.3%
Show 3 more
Homes for sale
903
Pending sales per 100 listings
31
Asking price per sq ft
$312
People and jobs
Median household income
$82,504
Population change (1 year)
+0.3%
Unemployment rate
3.7%
Show 4 more
Population
156,972
Income adjusted for cost of living
$88,334
Net moves in (IRS)
+914
Cost of living (US = 100)
93.4
Schools, risk and environment
School rating (1 to 10)
7.3
FEMA hazard risk score (0 to 100)
52.7
Unhealthy air days a year
0
Show 4 more
Flood risk score
50.0
Wildfire risk score
29.3
Walkability (1 to 20)
6.8
Road, rail and air noise
53 dB
Questions people ask
Is Traverse City, MI overvalued?
Home prices in Traverse City, MI are well above what local incomes have historically supported: fair value is about $349,604, so the area is 20.0% overvalued.
Is Traverse City, MI a buyer's or seller's market?
Traverse City, MI is a buyer's market: homes take about 64 days to sell, listings are up 15% from a year ago, 20% of listings have had a price cut.
Are home prices going down in Traverse City, MI?
Home values in Traverse City, MI are up 3.2% 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 Traverse City, MI?
A household needs about $90,930 a year to afford the typical home in Traverse City, MI at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $82,504.