Market Overview
Home Prices in Petoskey, MI
The median home value in Petoskey, MI is $480,618 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 7.5% compared to a year ago and down 2.8% from two years prior.
Compared to the U.S. national median of $410,000, homes in Petoskey are priced17% above average.
Over the past five years, Petoskey home values have risen by approximately21.1%, reflecting strong long-term appreciation in this market.
Price History
Petoskey Home Price Trend
2020
$326,262
$326K
—
2021
$397,029
$397K
+21.7%
2022
$463,735
$464K
+16.8%
2023
$454,463
$454K
-2.0%
2024
$459,865
$460K
+1.2%
2025
$447,209
$447K
-2.8%
2026
$480,618
$481K
+7.5%
City Comparison
Petoskey vs. National Median
🏠 Petoskey
$480,618
National Median
$410,000
At $480,618, homes in Petoskey cost 17% above the national median of $410,000. Buyers in Petoskey should expect to pay a premium compared to most U.S. markets.
Affordability
What Does It Cost to Buy in Petoskey?
20% Down Payment
$96,124
on $480,618
Monthly P&I
$2,507/mo
30-yr @ 6.8%
Total Monthly Est.
~$3,184/mo
incl. taxes & insurance
Income Needed
$127,360
gross annual (30% rule)
10% Down Option
$48,062
+ PMI applies
Loan Amount (20% dn)
$384,494
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 Petoskey, MI?
The median home value in Petoskey is $480,618 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 7.5% year-over-year.
How much have home prices changed in Petoskey?
Over the past year, home values in Petoskey have increased by 7.5%. Over five years, prices have risen approximately 21.1%.
How much do I need to earn to buy a home in Petoskey?
To comfortably afford the median home price of $480,618 with a 20% down payment ($96,124) at today's rates (6.8%), you'd need a gross annual income of approximately $127,360. This assumes keeping total housing costs at or below 30% of gross income.
How does Petoskey compare to the national average home price?
The national median home value is approximately $410,000. At $480,618, homes in Petoskey are 17% above the national average.