Traverse City housing market
Typical home value
$419K
▲ 3.2% 1 yr
Typical rent
$1,853/mo
▲ 4.5% 1 yr
12-month forecast
+3.6%
#80 of 546 metros
Gross rent yield
5.3%
#375 of 546 · U.S. 6.3%
Days to pending
43 days
▼ −11 days 1 yr
Listings with a price cut
26%
▲ +0.8 pts 1 yr
Key takeaways
- 1The typical home is worth $419,457, up 3.2% in a year and up 28% over five years.
- 2Zillow forecasts home values rising 3.6% over the next 12 months (U.S.: +1.1%).
- 3Typical rent is $1,853/mo (+4.5% YoY), a 5.3% gross yield, below the U.S. 6.3%.
- 4At 7.32% with 20% down, the typical home costs $2,305/mo in principal and interest, $452 more than renting.
- 5Homes go under contract in 43 days (−11 days vs last year); 26% of listings have had a price cut.
Market temperature
Buyer's market
Buyer'sNeutralSeller's
Zillow Market Heat Index: 43/100, #235 hottest of 546 metros. Below 44 favors buyers; above 55 favors sellers.
Home values and rent
How fast homes are selling
For saleNew listings
Affordability
To buy (20% down)To rent
Source: Zillow Research (ZHVI, ZORI and market activity data).
How Traverse City compares
| Measure | Traverse City | United States | Rank of 546 |
|---|---|---|---|
| Home value, 1-yr change | +3.2% | +1.2% | #186 |
| Home value, 5-yr change | +28.1% | +19.7% | |
| 12-month forecast | +3.6% | +1.1% | #80 |
| Rent, 1-yr change | +4.5% | +2.7% | #152 |
| Gross rent yield | 5.3% | 6.3% | #375 |
| Price-to-rent ratio | 18.9 | 15.8 | |
| Mortgage P&I on typical home | $2,305 | $2,012 | |
| Income needed to buy | $109,960 | $100,902 | |
| Days to pending | 43 | 56 |
Cities in the Traverse City metro
1 cities with home value and rent data.
| Traverse City | $444K | ▲ 2.1% | $1,850 | ▲ 4.4% | 5.0% |
Run the numbers
Rental property calculator
Cash flow on a typical Traverse City rental ($419K, $1,853/mo), pre-filled.
Mortgage calculator
Monthly payment on a typical Traverse City home.
Rent vs buy
Is it cheaper to rent or buy in Traverse City?
Renting out a property in Michigan? See deposit limits, late fee rules and notice periods.
Other Michigan metros
Detroit, MI
$264K home$1,514 rent6.9% yield
▲ 1.8% 1 yr
Grand Rapids, MI
$356K home$1,614 rent5.4% yield
▲ 4.9% 1 yr
Lansing, MI
$246K home$1,302 rent6.3% yield
▲ 3.6% 1 yr
Flint, MI
$196K home$1,041 rent6.4% yield
▲ 4.1% 1 yr
Ann Arbor, MI
$412K home$1,917 rent5.6% yield
▲ 2.4% 1 yr
Kalamazoo, MI
$274K home$1,287 rent5.6% yield
▲ 4.4% 1 yr
Saginaw, MI
$175K home$1,055 rent7.2% yield
▲ 5.4% 1 yr
Muskegon, MI
$255K home$1,288 rent6.1% yield
▲ 4.3% 1 yr
Gross yield = 12 × typical rent ÷ typical home value, before expenses. Mortgage estimate: 20% down, 30-year fixed at the current Freddie Mac average, principal and interest only. Forecast: Zillow Home Value Forecast. Data refreshed Oct 26, 2026.