Traverse, MI housing market
The typical Traverse home is worth about $447,000, up 1.9% in a year, 68% above the Michigan typical home. Homes typically sell in 51 days, close to asking.
Home values, sales, trends and how Traverse compares with the towns next door — updated as new data is published.
Traverse at a glance
A balanced market
About 6 months of supply: neither buyers nor sellers have a clear edge.
Typical home value, 2016–2026
Show as a table
| January | Traverse | Michigan |
|---|---|---|
| 2017 | $224,000 | $144,000 |
| 2018 | $242,000 | $155,000 |
| 2019 | $257,000 | $165,000 |
| 2020 | $268,000 | $175,000 |
| 2021 | $296,000 | $194,000 |
| 2022 | $351,000 | $217,000 |
| 2023 | $388,000 | $230,000 |
| 2024 | $415,000 | $241,000 |
| 2025 | $435,000 | $253,000 |
| 2026 | $442,000 | $262,000 |
| August 2026 | $447,000 | $266,000 |
No new homes permitted in 2014
No permits for new homes were issued in Traverse in 2014. The last year with any was 2013 (15 new homes).
Show as a table
| Year | New homes | Single-family | 2+ per building | Value |
|---|---|---|---|---|
| 2014 | 0 | 0 | 0 | — |
| 2013 | 15 | 12 | 3 | $3.3 million |
| 2012 | 18 | 15 | 3 | $3.8 million |
| 2011 | 21 | 13 | 8 | $4.2 million |
| 2010 | 0 | 0 | 0 | — |
| 2001 | 0 | 0 | 0 | — |
| 2000 | 0 | 0 | 0 | — |
Traverse's permit office didn't report to the Census in 2014, so the 2014 figures are Census estimates.
Homes authorized by building permits, counted in the year the permit was issued. U.S. Census Bureau, Building Permits Survey.
Traverse and its neighbors
| Town | Typical value | 1-yr change | 2-bed rent | New homes 2025 | Median income |
|---|---|---|---|---|---|
| Traverse | $447K | +1.9% | $1,370 | — | $74,087 |
| Garfield | — | +4%† | $1,410 | 32 | $66,082 |
| Peninsula | — | +4.3%† | $1,370 | — | $137,787 |
| East Bay | — | +8.8%† | $1,340 | — | $85,291 |
| Elmwood | — | +4.7%† | $1,380 | — | $94,417 |
| Greilickville | — | +4.4%† | $1,380 | — | $93,750 |
† FHFA price index change, where Zillow has no home value for the town.
6 years of income
The typical Traverse home costs about 6 years of the town's median household income, more than across Michigan (3.7 years).
How Traverse 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 Traverse is $1,370 a month, utilities included: roughly what a modest, recently rented unit costs. Renters already in Traverse pay a median of $995, so moving in tends to cost more than staying put. A two-bedroom takes about 22% of the town's median household income.
Studio $1,140 · 4 bedrooms $1,820
U.S. Department of Housing and Urban Development, FY2026 Fair Market Rents by ZIP code (49684, 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, August 2026. Sales, days on market and supply: Redfin Data Center, May 2026. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. New homes: U.S. Census Bureau, Building Permits Survey. Fair Market Rents: U.S. Department of Housing and Urban Development. Listings link to their publishers.