Peninsula, MI housing market
Home prices around Peninsula have risen about 72% over the past 5 years.
Home values, sales, trends and how Peninsula compares with the towns next door — updated as new data is published.
Home prices up 72% in 5 years
The federal house price index for the ZIP code around Peninsula rose 72% over the past 5 years, faster than across Michigan (52%). Last year prices rose 4.3%. Carrying the Census median home value forward with that index puts the typical Peninsula home at roughly $1,329,000 today.
Show as a table
| Year | Change that year | Since 2000 | Michigan since 2000 |
|---|---|---|---|
| 2025 | +4.3% | +196% | +97% |
| 2024 | +7.5% | +183% | +88% |
| 2023 | +10% | +164% | +76% |
| 2022 | +21% | +140% | +64% |
| 2021 | +15% | +98% | +45% |
| 2020 | +3.8% | +72% | +30% |
| 2019 | +5.5% | +66% | +26% |
| 2018 | +6.1% | +57% | +20% |
| 2017 | +8.4% | +48% | +12% |
| 2016 | +4.9% | +37% | +5.3% |
| 2015 | +6.1% | +30% | 0% |
| 2014 | +7.2% | +23% | −4.7% |
| 2013 | +6.8% | +15% | −12% |
| 2012 | −2.1% | +7.5% | −16% |
| 2011 | −1.4% | +9.8% | −16% |
| 2010 | −6.8% | +11% | −12% |
| 2009 | −4.7% | +20% | −5% |
| 2008 | −1.3% | +25% | +3.5% |
| 2007 | −1.4% | +27% | +11% |
| 2006 | +2.3% | +29% | +16% |
| 2005 | +5% | +26% | +18% |
| 2004 | +5.5% | +20% | +14% |
| 2003 | +2.9% | +14% | +10% |
| 2002 | +4.2% | +10% | +8.3% |
| 2001 | +6% | +6% | +5% |
| 2000 | — | — | — |
How Peninsula ranks on rising home prices →
Federal Housing Finance Agency House Price Index (annual, developmental) for ZIP code 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.
Peninsula and its neighbors
| Town | Typical value | 1-yr change | 2-bed rent | New homes 2014 | Median income |
|---|---|---|---|---|---|
| Peninsula | — | +4.3%† | $1,370 | — | $137,787 |
| Traverse City | $447K | +1.9% | $1,370 | 0 | $74,087 |
† FHFA price index change, where Zillow has no home value for the town.
5.1 years of income
The typical Peninsula home costs about 5.1 years of the town's median household income, more than across Michigan (3.7 years).
How Peninsula 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 $1,370
HUD's Fair Market Rent for a two-bedroom in Peninsula is $1,370 a month, utilities included: roughly what a modest, recently rented unit costs. Renters already in Peninsula pay a median of $1,589. A two-bedroom takes about 12% of the town's median household income.
Studio $1,150 · 4 bedrooms $1,810
U.S. Department of Housing and Urban Development, FY2026 Fair Market Rents by ZIP code (49686; 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. 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.