Grand Traverse County, Michigan Housing Market Prices
Grand Traverse County Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
-
Median home price 10% below the Michigan median$124,999
-
Median rent 14% above the Michigan median Among the 3 most expensive counties in Michigan$1,288
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Grand Traverse County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $124,999 | $138,713 | $248,835 |
| Price Trend (Annual %) | 1.8% | 8.6% | 7.5% |
| Median Gross Rent | $1,288 | $1,129 | $1,407 |
| Rent Trend (Annual %) | 5.1% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Grand Traverse County is about 10% lower than in Michigan. Rent is about 14% higher than the Michigan average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Grand Traverse County, up about 1.8% and 5.1% a year respectively. Rent is changing faster.
Median rent in Grand Traverse County rose about 50.0% between 2015 and 2024, from $858 to $1,288. Over the same span, rent in Michigan rose about 44.2%.
Affordability
On average, housing unit costs 1.5 yearly household incomes in Grand Traverse County.
Buying the median-priced home in Grand Traverse County costs roughly 8.1 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Grand Traverse County. The price-to-rent ratio in Michigan is about 10.2.
| Metric | Grand Traverse County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $124,999 | $138,713 | $248,835 |
| Median Household Income | $82,482 | $72,977 | $80,455 |
| Price-to-Income Ratio | 1.5 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Grand Traverse County fell about 19.0%, while median household income rose about 51.0% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Grand Traverse County | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 66.1% | 64.6% | 58.5% |
| Rental Rate | 19.6% | 23.6% | 31.2% |
| Vacancy Rate | 14.3% | 11.8% | 10.2% |
| Median Tenure (years) | 16.0 | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2010 | 2011 |
Grand Traverse County has a homeownership rate of 66.1%, higher than the Michigan average of 64.6%. Its housing vacancy rate is 14.3%, compared with 11.8% in Michigan.
Housing Stock
| Metric | Grand Traverse County | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.34 people | 2.42 people | 2.53 people |
| Median Structure Built Year | 1985 | 1972 | 1978 |
| Median Number of Rooms | 5.8 | 5.9 | 5.5 |
The typical housing unit in Grand Traverse County was built around 1985. On average, 2.3 people live in a home with about 5.8 rooms, staying for about 16.0 years on average.
Grand Traverse County, MI Housing Compared With Nearby Counties
How Grand Traverse County, MI compares with the 2 counties closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Grand Traverse County, MI | 96,166 | $124,999 #3/3 | $1,288 #1/3 | 77.2% #3/3 |
| Antrim County, MI | 24,127 | $369,999 | $902 | 86.4% |
| Leelanau County, MI | 22,734 | $294,921 | $1,227 | 91.6% |
Frequently Asked Questions
Common questions about the housing market in Grand Traverse County, Michigan.
What is the median home price in Grand Traverse County, Michigan?
The median home price in Grand Traverse County, Michigan is $124,999, lower than the Michigan average of $138,713.
What is the average home price in Grand Traverse County, Michigan?
The typical home price in Grand Traverse County, Michigan, reported as the median sale price, is $124,999. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Grand Traverse County, Michigan?
The median gross rent in Grand Traverse County, Michigan is $1,288 per month, higher than the Michigan average of $1,129.
What was the median gross rent in Grand Traverse County in 2020?
In 2020, the median gross rent in Grand Traverse County, Michigan was $964 per month.
What is the price-to-rent ratio in Grand Traverse County, Michigan?
The price-to-rent ratio in Grand Traverse County, Michigan is about 8.1, meaning it would take roughly 8.1 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Grand Traverse County.
Are home prices or rent rising faster in Grand Traverse County, Michigan?
Both home prices and rent are rising in Grand Traverse County, up about 1.8% and 5.1% a year respectively. Rent is changing faster.
What is the homeownership rate in Grand Traverse County, Michigan?
66.1% of households in Grand Traverse County, Michigan own their home, higher than the Michigan average of 64.6%.
What is the vacancy rate in Grand Traverse County, Michigan?
The housing vacancy rate in Grand Traverse County, Michigan is 14.3%, higher than the Michigan average of 11.8%.
Analyze any area in the US
Get local demographics for any address, aggregated by drive time or radius, on the interactive map.
Explore the map →