Market Overview
Home Prices in Empire, MI
The median home value in Empire, MI is $654,541 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 3.6% compared to a year ago and up 2.2% from two years prior.
Compared to the U.S. national median of $410,000, homes in Empire are priced60% above average. Empire is part of the Traverse City, MI metro area.
Over the past five years, Empire home values have risen by approximately33.8%, reflecting strong long-term appreciation in this market.
Price History
Empire Home Price Trend
City Comparison
Empire vs. National Median
At $654,541, homes in Empire cost 60% above the national median of $410,000. Buyers in Empire should expect to pay a premium compared to most U.S. markets.
Affordability
What Does It Cost to Buy in Empire?
20% Down Payment
$130,908
on $654,541
Monthly P&I
$3,414/mo
30-yr @ 6.8%
Total Monthly Est.
~$4,336/mo
incl. taxes & insurance
Income Needed
$173,440
gross annual (30% rule)
10% Down Option
$65,454
+ PMI applies
Loan Amount (20% dn)
$523,633
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Empire, MI?
The median home value in Empire is $654,541 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 3.6% year-over-year.
How much have home prices changed in Empire?
Over the past year, home values in Empire have increased by 3.6%. Over five years, prices have risen approximately 33.8%.
How much do I need to earn to buy a home in Empire?
To comfortably afford the median home price of $654,541 with a 20% down payment ($130,908) at today's rates (6.8%), you'd need a gross annual income of approximately $173,440. This assumes keeping total housing costs at or below 30% of gross income.
How does Empire compare to the national average home price?
The national median home value is approximately $410,000. At $654,541, homes in Empire are 60% above the national average.
What metro area is Empire part of?
Empire is part of the Traverse City, MI metropolitan area. Home prices and market conditions can vary across the broader metro region.