Is Cheboygan, MI 49721 a buyer’s or seller’s market?

The Cheboygan housing market right now

In the three months ending August 31, 2026, 19% of homes in Cheboygan, MI 49721 sold above their list price, the typical home went under contract in 48 days and there were 5.6 months of supply. Four to six months of supply is a balanced market, where pricing and condition decide how much room there is to negotiate. That’s based on 55 home sales.

Compared with the same period a year earlier, the share selling over asking fell from 21%, homes sold faster (51 days then) and the median sale price rose 6% to $249,792. Overall, Cheboygan is about as competitive as it was a year ago.

Within Cheboygan County, homes here sell more slowly than in any other ZIP code in the county, and sell more often over asking than in 75%. On our competition score, Cheboygan ranks #447 of 510 MI ZIP codes with enough sales (score 32 out of 100).

Nearby, buyers who want less competition could look at Topinabee 49791 (0% sold over asking) or Wolverine 49799 (17% sold over asking), while Afton 49705 (67% sold over asking) is even more competitive.