Market file · Grand Traverse County, Michigan

Traverse City home appraisals

The median owner occupied home value in Traverse City was $415,400 in the 2020 to 2024 American Community Survey, per Census QuickFacts. The city had 15,678 people in 2020 and sits where the Boardman River meets Grand Traverse Bay. Older neighborhoods near downtown and the bay set the pace.

$415,400Median owner occupied home value, 2020 to 2024 ACS (Census QuickFacts)

15,678Population, 2020 Census (Census QuickFacts)

63.7%Owner occupied housing rate, 2020 to 2024 ACS (Census QuickFacts)

$541,2872026 FHA one unit loan limit, Grand Traverse County (Homebuyer.com, 2026 limits)

Where the city median lands

Census QuickFacts puts the median owner occupied value at $415,400 for 2020 to 2024, above the Grand Traverse County median of $339,400 for the same period. Only 63.7% of city homes are owner occupied, and households average 2.06 people, so condos, small lots and rentals mix with single family homes. Median household income was $74,087. Those numbers describe the city as a whole. One street can differ a lot from the next.

Two historic districts, two arms of the bay and one river. Age, condition and distance to the water decide most comps in the city.

Bay, river and two historic districts

Location inside the city does most of the work. The city touches both the East and West Arms of Grand Traverse Bay, and the Boardman River, a state designated Natural River, runs through downtown. The Central Neighborhood and Boardman Neighborhood are historic districts on the National Register, so age, condition and original detail matter in comps there. The former Traverse City State Hospital, closed in 1989, has been turned into homes, shops and offices since 2000. Every part of the city is in Traverse City Area Public Schools, so district lines do not split sales here.

Areas, lakes and neighborhoods in this file

Central Neighborhood
Boardman Neighborhood
Slabtown
Old Towne
Oak Park
Traverse Heights
Fernwood
Indian Woods
Morgan Farms
Kids Creek Commons
Oakwood Triangle
Base of Old Mission
Midtown Centre Condominium
Downtown Traverse City
Boardman Lake

Landmarks around Traverse City

Bijou by the BayHistoric movie theater on the bay
City Opera HouseNational Register of Historic Places
Perry Hannah HouseHistoric house, National Register of Historic Places
Central Neighborhood Historic DistrictHistoric district
Boardman Neighborhood Historic DistrictHistoric district
Dennos Museum CenterArt museum
National Cherry FestivalAnnual festival every July
Park Place HotelHistoric downtown hotel

Common questions

Do historic district homes in Traverse City need special appraisal work?

The Central Neighborhood and Boardman Neighborhood are both listed historic districts. An appraiser looks for comparable sales of similar age and style, and notes original features and condition, because newer homes elsewhere in the city may not reflect what buyers pay for these houses. The city median of $415,400 (2020 to 2024 ACS) is only a starting point.

Do school district lines split Traverse City sales?

No. Every part of the city is in Traverse City Area Public Schools, so district lines do not separate sales inside the city. Location does: the bay, the Boardman River and the Central and Boardman historic districts.