Garfield, MI housing market
Home prices around Garfield have risen about 69% over the past 5 years. Builders were permitted 32 new homes in 2025.
Home values, sales, trends and how Garfield compares with the towns next door — updated as new data is published.
Home prices up 69% in 5 years
The federal house price index for the ZIP codes around Garfield rose 69% over the past 5 years, faster than across Michigan (52%). Last year prices rose 4%. Carrying the Census median home value forward with that index puts the typical Garfield home at roughly $586,000 today.
Show as a table
| Year | Change that year | Since 2000 | Michigan since 2000 |
|---|---|---|---|
| 2025 | +4% | +193% | +97% |
| 2024 | +7.2% | +181% | +88% |
| 2023 | +11% | +163% | +76% |
| 2022 | +18% | +136% | +64% |
| 2021 | +15% | +100% | +45% |
| 2020 | +4.2% | +74% | +30% |
| 2019 | +5.4% | +67% | +26% |
| 2018 | +6% | +58% | +20% |
| 2017 | +8.8% | +49% | +12% |
| 2016 | +6.1% | +37% | +5.3% |
| 2015 | +5.2% | +29% | 0% |
| 2014 | +6.5% | +23% | −4.7% |
| 2013 | +6.3% | +15% | −12% |
| 2012 | −2.4% | +8.4% | −16% |
| 2011 | −3.3% | +11% | −16% |
| 2010 | −6.3% | +15% | −12% |
| 2009 | −4.3% | +23% | −5% |
| 2008 | −2.6% | +28% | +3.5% |
| 2007 | −0.1% | +32% | +11% |
| 2006 | +3.3% | +32% | +16% |
| 2005 | +6.6% | +28% | +18% |
| 2004 | +5.7% | +20% | +14% |
| 2003 | +3% | +13% | +10% |
| 2002 | +4.1% | +10% | +8.3% |
| 2001 | +5.6% | +5.6% | +5% |
| 2000 | — | — | — |
How Garfield ranks on rising home prices →
Federal Housing Finance Agency House Price Index (annual, developmental) for ZIP codes 49685, 49684, 49696, 49686, weighted by land area. It tracks repeat sales and appraisals of the same homes, so it shows how prices changed, not what homes cost. The estimated value scales the Census (ACS 2020-2024) median home value by that change.
32 new homes permitted in 2025
Builders were permitted 32 new homes in Garfield in 2025, all single-family houses, worth about $12 million to build. That's 1.6 per 1,000 residents, slower than across Michigan (2.3). Over the past 10 years, Garfield has permitted 1,307 homes in all.
Homes vs. people, 2010–2020
Between the 2010 and 2020 censuses, Garfield gained 3,243 residents while 1,040 new homes were permitted: about 3.1 new residents per new home. Building and growth moved roughly in step. Across Michigan: 1.2 new residents per new home.
How Garfield ranks on housing keeping up with growth →
Residents: U.S. Census Bureau, 2010 and 2020 censuses. New homes: permits issued 2010–2019.
Show as a table
| Year | New homes | Single-family | 2+ per building | Value |
|---|---|---|---|---|
| 2026 (Jan–Aug) | 32 | 32 | 0 | $11.1 million |
| 2025 | 32 | 32 | 0 | $12 million |
| 2024 | 36 | 36 | 0 | $13.9 million |
| 2023 | 36 | 36 | 0 | $14.4 million |
| 2022 | 105 | 105 | 0 | $28.7 million |
| 2021 | 213 | 69 | 144 | $24.7 million |
| 2020 | 120 | 60 | 60 | $16.5 million |
| 2019 | 253 | 77 | 176 | $27.2 million |
| 2018 | 144 | 72 | 72 | $20.4 million |
| 2017 | 170 | 70 | 100 | $21.5 million |
| 2016 | 198 | 66 | 132 | $24.7 million |
| 2015 | 77 | 45 | 32 | $13.8 million |
| 2014 | 43 | 43 | 0 | $11.1 million |
| 2013 | 60 | 60 | 0 | $15.4 million |
| 2012 | 30 | 30 | 0 | $7.2 million |
| 2011 | 22 | 22 | 0 | $4.4 million |
| 2010 | 43 | 43 | 0 | $6.9 million |
| 2009 | 44 | 20 | 24 | $6 million |
| 2008 | 66 | 66 | 0 | $7.6 million |
| 2007 | 68 | 36 | 32 | $10.2 million |
| 2006 | 190 | 94 | 96 | $19 million |
| 2005 | 511 | 138 | 373 | $38 million |
| 2004 | 255 | 103 | 152 | $23 million |
| 2003 | 113 | 113 | 0 | $17.1 million |
| 2002 | 108 | 108 | 0 | $15.3 million |
| 2001 | 171 | 109 | 62 | $15.6 million |
| 2000 | 477 | 122 | 355 | $30.1 million |
How Garfield ranks on new homes being built →
Homes authorized by building permits, counted in the year the permit was issued. U.S. Census Bureau, Building Permits Survey, through August 2026.
Garfield and its neighbors
| Town | Typical value | 1-yr change | 2-bed rent | New homes 2025 | Median income |
|---|---|---|---|---|---|
| Garfield | — | +4%† | $1,410 | 32 | $66,082 |
| Traverse City | $447K | +1.9% | $1,370 | — | $74,087 |
| Blair | — | +6.2%† | $1,400 | — | $71,582 |
| Long Lake | — | +2.5%† | $1,470 | — | $96,220 |
| East Bay | — | +8.8%† | $1,340 | — | $85,291 |
† FHFA price index change, where Zillow has no home value for the town.
4.8 years of income
The typical Garfield home costs about 4.8 years of the town's median household income, more than across Michigan (3.7 years).
How Garfield ranks on affordability →
Home value ÷ ACS median household income.
Owners, rent & taxes
U.S. Census Bureau, ACS 2020-2024.
A two-bedroom rents for about $1,410
HUD's Fair Market Rent for a two-bedroom in Garfield is $1,410 a month, utilities included: roughly what a modest, recently rented unit costs. Renters already in Garfield pay a median of $1,405. A two-bedroom takes about 26% of the town's median household income.
Studio $1,170 · 4 bedrooms $1,870
U.S. Department of Housing and Urban Development, FY2026 Fair Market Rents by ZIP code (49684, 49685, 49686, 49696; Grand Traverse County, MI HUD Metro FMR Area), weighted by land area. A Fair Market Rent is the 40th-percentile rent plus utilities for a standard unit. Median rent: U.S. Census Bureau, American Community Survey.
Home values: Zillow Home Value Index (ZHVI), Zillow Research. Sales, days on market and supply: Redfin Data Center. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. New homes: U.S. Census Bureau, Building Permits Survey. Price trend: Federal Housing Finance Agency House Price Index. Fair Market Rents: U.S. Department of Housing and Urban Development. Listings link to their publishers.