49686, Traverse City, MI

Traverse City, Michigan is located in the Lower Peninsula of the state and has a population of around 30,000. The city is known for its beautiful lakes and forests as well as its many festivals and events. Home prices in Traverse City have been on the rise for the past few years, with some homes selling for over $1 million.

The median home value in Traverse City is $269,900 which puts it at #6 out of the entire state of Michigan. The city's average home price has increased by over 20% since 2012, making it one of the fastest growing cities in Michigan. In addition to home prices, Traverse City also boasts a strong economy with good jobs and low unemployment rates. This combination has helped to drive up home values and make Traverse City one of the most desirable places to live in Michigan.

While there are many factors that contribute to home values (location, size, amenities etc.), one important factor is interest rates. When interest rates are high (like they are now), it makes buying a home more expensive because mortgage payments are higher than when interest rates are lower. This means that if you're looking to buy a home in Traverse City right now, your best bet would be to wait until interest rates drop back down closer to their historical averages before making an offer on a property.