Market Overview
Home Prices in Frankfort, MI
The median home value in Frankfort, MI is $534,248 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 5.8% compared to a year ago and up 0.2% from two years prior.
Compared to the U.S. national median of $410,000, homes in Frankfort are priced30% above average. Frankfort is part of the Traverse City, MI metro area.
Over the past five years, Frankfort home values have risen by approximately40.0%, reflecting strong long-term appreciation in this market.
Price History
Frankfort Home Price Trend
City Comparison
Frankfort vs. National Median
At $534,248, homes in Frankfort cost 30% above the national median of $410,000. Buyers in Frankfort should expect to pay a premium compared to most U.S. markets.
Affordability
What Does It Cost to Buy in Frankfort?
20% Down Payment
$106,850
on $534,248
Monthly P&I
$2,786/mo
30-yr @ 6.8%
Total Monthly Est.
~$3,538/mo
incl. taxes & insurance
Income Needed
$141,520
gross annual (30% rule)
10% Down Option
$53,425
+ PMI applies
Loan Amount (20% dn)
$427,398
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 Frankfort, MI?
The median home value in Frankfort is $534,248 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 5.8% year-over-year.
How much have home prices changed in Frankfort?
Over the past year, home values in Frankfort have increased by 5.8%. Over five years, prices have risen approximately 40.0%.
How much do I need to earn to buy a home in Frankfort?
To comfortably afford the median home price of $534,248 with a 20% down payment ($106,850) at today's rates (6.8%), you'd need a gross annual income of approximately $141,520. This assumes keeping total housing costs at or below 30% of gross income.
How does Frankfort compare to the national average home price?
The national median home value is approximately $410,000. At $534,248, homes in Frankfort are 30% above the national average.
What metro area is Frankfort part of?
Frankfort is part of the Traverse City, MI metropolitan area. Home prices and market conditions can vary across the broader metro region.