Get the Most Out of Selling Your Traverse City Home in 2024
For Michiganders and outlanders alike, the call of Traverse City is like the siren song of Lake Michigan. The promise of lakeside locales, trendy restaurants, thriving downtown businesses, and — of course — plenty of beautiful Traverse City homes for sale is enough to draw new people in consistently. Traverse City’s population is growing 0.06% each year, according to World Population Review, increasing by 0.27% since the last census in 2020.
The current real estate market in Traverse City offers a unique landscape for sellers, marked by robust demand and limited inventory. Home prices have been steadily increasing, driven by the area’s desirability — particularly among folks seeking scenic beauty and access to Lake Michigan and its coast. Naturally, sellers are benefiting from the competitive environment, often receiving multiple offers, which help them max out their sales price. If you’re a seller in the area looking to get the most out of your sale, it’s important to make sure your home is in top condition and appropriately priced, since buyers are beginning to dial in more. You’ll also want to understand local market trends and work with knowledgeable real estate professionals to help you navigate the complexities of the market.
What Do Houses Cost in Traverse City?
What Is the Median Listing Price in Michigan in 2024?
Your listing price, in today’s real estate market, is more like a starting point than an absolute. That is, you will choose a figure to list your home for, and you might receive several offers extending beyond that point. There could also be instances where inspection uncovers something that needs to be repaired or resolved, leading you to accept an offer with some contingencies (that might be below what you had in mind for the sale price).
According to Zillow, the median listing price in the state is $252,988 as of August 2024. Of course, anything “up north” is considered more unique (and in some places, more obscure due to limited inventory or a coveted location) and as such, many of those areas have starting prices double the amount of the statewide average!
What Are the Average Home Prices in Traverse City?
Within Michigan’s diverse real estate market, Traverse City stands out due to its popularity as an idyllic lakeside location with abundant access to restaurants and entertainment. The limited inventory in Traverse City further drives up prices, making the local market more competitive compared to the broader state market. Traverse City’s real estate can’t be replicated, and the prices are merely a reflection of that. According to Realtor.com, the median listing price of Traverse City homes for sale is $479,900 — a significant leap from the statewide average.
Nearby Areas to Consider
There’s no doubt that Traverse City has a lot to offer and is an obviously incredible place to call home. Still, there are plenty of surrounding areas that showcase even higher sales prices and corresponding desirability from buyers. In those areas, sellers can capitalize on the limited supply and high home values to get the most out of their listing.
Homebuyers with tighter budgets are also exploring areas near Traverse City that allow them to soak up similar benefits and experiences without having to spend as much. Those sellers can highlight the proximity to Traverse City in their listings to attract those buyers, situating themselves as a suitable stand-in. These are some of the key areas to consider:
Most Expensive Real Estate Near Traverse City in Northern, MI
- Suttons Bay: Known as the gateway to Leelanau County, Suttons Bay is quaint with a population of 591. Just 15 miles north of Traverse City, the village’s location along the Leelanau Peninsula offers an unmatched living experience. The inventory is pretty limited in Suttons Bay with only about 15 listings at a time, and an average home value of $630,937.
- Leland: Point us to the Michigander who doesn’t have “Fish Town” as one of their bucket list in-state destinations. (Spoiler: They don’t exist!) Everyone knows Leland is to be revered and respected, and only the most elite folks get to call the historic fishing village home. Take the town’s high average home value of $1,103,944 as proof.
- Lake Leelanau: Like the other desirable areas near Traverse City, Lake Leelanau has limited inventory (11 listings at the end of June 2024) and a whopping average home value of $820,330. The 21-mile lake sets up quite the scenic view for anyone lucky enough (and financially well-off enough) to live there.
- Spider Lake: This lake is actually in Traverse City and buyers seek it out as one of the most coveted places to live, although the inventory is extremely sparse. The lake is surrounded by woods and it includes five islands, one of which is a public DNR sand bar.
Accessible & Economical Real Estate Near Traverse City
- Honor: This small town has an average home value lower than Traverse City’s at $381,381. With a population at a modest 335, Honor is attracting people from all over the area who are looking for a small town charm (you’ll find the only remaining drive-in theater in Northern Michigan there), but still want to be close to all of the city’s amenities.
- Lake Ann: Lake Ann’s average home value comes in at a slightly higher $388,342, which is up a whopping 6.1% from last year. It is located between Traverse City and Sleeping Bear Dunes which makes it about as convenient as possible if you’re looking for that distinct Northern Michigan experience.
- Kingsley: Kingsley offers a little bit more inventory than some of the other areas surrounding Traverse City, plus it highlights a more affordable average home value of $322,062. It’s home to a historic downtown with charming shops and plenty of entertainment options.
Is Traverse City a Seller’s Market?
When there are more buyers than available homes, leading to high demand, low inventory, and rising prices, the scene is set for a seller’s market. In Traverse City, these indicators are clearly present. Homes often spend fewer days on the market compared to other regions, with the median number of days on the market being 38, according to Realtor.com. The average sale-to-list price ratio in Traverse City has been hovering around 100% indicating that homes are often selling at or above their asking prices. These trends align with the broader national market, where desirable areas are seeing similar dynamics. Still, the supply of homes has edged out the demand, so Traverse City is currently considered a buyer’s market.
Understand Why People Are Moving to Traverse City & Optimize Accordingly
Buyers are drawn to Traverse City for its stunning environment, outdoor recreational opportunities, and vibrant community life. The city boasts picturesque lakes, scenic trails, and year-round activities. In addition to charming waterfront properties, buyers in Traverse City are attracted to the lively downtown area with unique shops, assorted dining options, and a rich cultural scene. Buyers seeking the best of both worlds will enjoy Traverse City’s blend of small-town charm and urban amenities.
To appeal to these particular buyers, focus on enhancing outdoor living spaces and ensuring your property blends seamlessly with the surrounding environment. Landscaping with native plants, creating inviting patios or decks, and adding features like fire pits can make your home more appealing. Inside, prioritize open floor plans and large windows to showcase the beautiful views and maximize natural light. Highlight the property’s proximity to outdoor activities and the vibrant downtown area in your listing.
Should You Sell Now or Wait?
Weighing the option to sell now or wait until the market is more favorable can become intricate and involved. The current real estate market in Traverse City is strong, characterized by high demand and low inventory, which often leads to favorable conditions for sellers, such as quick sales and competitive offers, but profits have slowed a bit from last year. If you’re not in a rush, monitoring market trends over the next few months can provide a clearer picture of where the market is headed, and you might find yourself more inclined to put that sign up in your yard. Seasonal trends often impact the real estate market too, with spring and summer typically being the busiest times for home sales. Checking out other Traverse City homes for sale to see how your potential listing would compare is also a solid indicator on if you’re facing an optimal time to sell.
What Are the Next Steps to Sell My Home?
If you’ve decided to sell your home, Treadstone has access to reliable Realtors who can help you with your listing and the search for a new home (and you can explore financing options with our experienced Loan Officers!). You’ll want to ensure you stage your home and get quality pictures taken for your listing and work with an agent who can write a compelling description for your listing to draw in potential buyers.
FAQs
How much does housing cost in Traverse City?
The average home value in Traverse City, Michigan is $437,162.
What is the average cost of living in Traverse City, Michigan?
The cost of living in Traverse City, Michigan is 8% below the national cost of living and 2% above the average cost of living for the state of Michigan.
Is Traverse City growing?
Slowly but surely, Traverse City’s population is growing — by 0.06% per year. The current population is 15,717.
Why are people moving to Traverse City?
“Why aren’t people moving to Traverse City” might be a shorter answer! From the access to Lake Michigan to the allure of the downtown area, the city truly offers multiple worlds in one location.
Lakeside views and a bustling downtown make Traverse City a Michigan gem!