Is Traverse City, MI 49684 a buyer’s or seller’s market?

The Traverse City housing market right now

In the three months ending August 31, 2026, 22% of homes in Traverse City, MI 49684 sold above their list price, the typical home went under contract in 42 days and there were 3.5 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. That’s based on 165 home sales.

Compared with the same period a year earlier, the share selling over asking was about the same (24% then), homes sold more slowly (39 days then) and the median sale price rose 4% to $493,287. Overall, Traverse City is about as competitive as it was a year ago.

Within Leelanau County, homes here sell faster than in 50% of the county’s ZIP codes, and sell less often over asking than in 62%. On our competition score, Traverse City ranks #360 of 510 MI ZIP codes with enough sales (score 49 out of 100).

Nearby, buyers who want less competition could look at Cedar 49621 (12% sold over asking) or Northport 49670 (12% sold over asking), while Glen Arbor 49636 (33% sold over asking) and Suttons Bay 49682 (32% sold over asking) are even more competitive.