Market Overview
Home Prices in Traverse City, MI
The median home value in Traverse City, MI is $451,364 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 1.5% compared to a year ago and up 3% from two years prior.
Compared to the U.S. national median of $410,000, homes in Traverse City are priced10% above average. Traverse City is part of the Traverse City, MI metro area.
Over the past five years, Traverse City home values have risen by approximately33.3%, reflecting strong long-term appreciation in this market.
Price History
Traverse City Home Price Trend
City Comparison
Traverse City vs. National Median
At $451,364, homes in Traverse City cost 10% above the national median of $410,000. Buyers in Traverse City should expect to pay a premium compared to most U.S. markets.
Affordability
What Does It Cost to Buy in Traverse City?
20% Down Payment
$90,273
on $451,364
Monthly P&I
$2,354/mo
30-yr @ 6.8%
Total Monthly Est.
~$2,990/mo
incl. taxes & insurance
Income Needed
$119,600
gross annual (30% rule)
10% Down Option
$45,136
+ PMI applies
Loan Amount (20% dn)
$361,091
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 Traverse City, MI?
The median home value in Traverse City is $451,364 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 1.5% year-over-year.
How much have home prices changed in Traverse City?
Over the past year, home values in Traverse City have increased by 1.5%. Over five years, prices have risen approximately 33.3%.
How much do I need to earn to buy a home in Traverse City?
To comfortably afford the median home price of $451,364 with a 20% down payment ($90,273) at today's rates (6.8%), you'd need a gross annual income of approximately $119,600. This assumes keeping total housing costs at or below 30% of gross income.
How does Traverse City compare to the national average home price?
The national median home value is approximately $410,000. At $451,364, homes in Traverse City are 10% above the national average.
What metro area is Traverse City part of?
Traverse City is part of the Traverse City, MI metropolitan area. Home prices and market conditions can vary across the broader metro region.