Traverse City, MI

There is no doubt that the Traverse City, MI metropolitan statistical area (MSA) is one of the hottest housing markets in the country right now. The combination of strong job growth, low interest rates, and limited supply of homes for sale is driving up prices and making it difficult for buyers to find affordable homes.

The median home price in the Traverse City MSA has increased by nearly 10% over the past year, and shows no signs of slowing down. The lack of inventory is the biggest factor driving up prices, as there are simply not enough homes on the market to meet demand. This is especially true for entry-level homes, as first-time buyers are being priced out of the market by investors and second-home buyers who are willing to pay more for a property.

Rents are also rising in the Traverse City MSA, although not at quite the same pace as home prices. The average rent for a two-bedroom apartment has increased by 5% over the past year, while three-bedroom rents have risen by 3%. This is still relatively affordable compared to other parts of Michigan, but it is becoming increasingly difficult for renters to find an affordable place to live in Traverse City.

If you are thinking about buying a home in Traverse City, now is a good time to do so before prices continue to rise. However, be prepared to compete with other buyers who may be willing to pay more than you can afford. It may also be wise to consider renting instead of buying, as you may be able to find a better deal on a rental property than you could on a purchase price.