Is Traverse City, MI 49696 a buyer’s or seller’s market?

The Traverse City housing market right now

In the three months ending August 31, 2026, 24% of homes in Traverse City, MI 49696 sold above their list price, the typical home went under contract in 43 days and there were 6.5 months of supply. More than six months of supply favors buyers, who usually have more time and more room to negotiate. That’s based on 43 home sales.

Compared with the same period a year earlier, the share selling over asking rose from 17%, homes sold faster (45 days then) and the median sale price rose 16% to $534,669. Overall, Traverse City is more competitive than a year ago, so tougher for buyers.

Within Grand Traverse County, homes here sell faster than in 50% of the county’s ZIP codes, and sell more often over asking than in 67%. On our competition score, Traverse City ranks #372 of 510 MI ZIP codes with enough sales (score 47 out of 100).

Nearby, buyers who want less competition could look at Williamsburg 49690 (18% sold over asking) or Traverse City 49685 (21% sold over asking), while Grawn 49637 (30% sold over asking) is even more competitive.