Market file · Emmet County, Michigan

Petoskey home appraisals

Petoskey has almost no slack in its owner market. The 2020 census put the homeowner vacancy rate at 1.4% in the city. Zillow's Petoskey area index stood at $466,592 in September 2026, up 6.0% year over year, while the census median owner value for 2020 to 2024 was $364,100.

$466,592Typical home value, Petoskey area, Zillow, September 2026

$364,100Median owner occupied home value, Census QuickFacts, ACS 2020 to 2024

21.5%Share of 3,533 housing units vacant, 2020 census, Wikipedia

61.1%Owner occupied housing rate, Census QuickFacts, ACS 2020 to 2024

One in five units empty on census day

The 2020 census counted 3,533 housing units in Petoskey and found 21.5% vacant. The homeowner vacancy rate was 1.4% and the rental rate 6.3%. Put those side by side and most of the empty units were simply not on the market that April. Owners who live here part of the year compete for the same houses as year round families, and that mix shows up in the comps.

Before it was Petoskey, the settlement at the mouth of the Bear River went by the river's name.

Nightly rentals shut out of single family zones since 2014

Petoskey stopped issuing short term rental licenses in single family residential areas in 2014, according to a July 2023 WCMU report. At that point the city had 33 active licenses: 13 in business districts and 20 residential licenses that predated the ban. In July 2023 the council passed a six month moratorium on all new licenses and on transfers, while it studied a cap. A buyer counting on rental income should confirm a property's license status with the city, since a license could not be transferred under that moratorium.

Areas, lakes and neighborhoods in this file

Downtown Petoskey
Gaslight District
Bayfront Park
Bear River
Bear Creek Township
Bay View
Petoskey State Park
Resort Township
Bay Harbor

Landmarks around Petoskey

Petoskey Downtown Historic DistrictHistoric district
Petoskey State ParkState park
Mineral Well ParkNational Register of Historic Places
East Mitchell Street Historic DistrictHistoric district
Little Traverse WheelwayTrail

Common questions

Can I buy a house in Petoskey and rent it by the night?

Not in a single family residential zone without an existing license. The city banned new short term rental licenses there in 2014. A July 2023 WCMU report counted 20 grandfathered residential licenses and 13 in business districts, and the council paused new licenses and transfers for six months that summer. Rules may have changed since, so check with the city before you write an offer.

Does Petoskey have a marina for boat owners?

Yes. Bayfront Park on Little Traverse Bay includes a 144 slip marina, and the Gaslight District connects to the park by a pedestrian tunnel, according to Wikipedia. A city slip is a separate arrangement from the house, so an appraisal values the home itself and does not count marina access as part of the real estate unless a deeded slip conveys.