If you have been considering putting your house on the market, you couldn’t ask for a better time.
Many people know that here in Traverse City, it is currently a “sellers’ market”, but what does that mean? The definition of a seller’s market is less than six months of inventory. In other words, given the rate at which houses are selling, it would take less than six months to sell every house currently on the market.
In Grand Traverse County, there are currently 615 houses on the market, while 901 houses sold in the past six months. We only have about four months’ worth of inventory! That is great news for sellers, with the average single family home only lasting 119 days on the market and selling for 97% of list price.
The graph below demonstrates the number of listings currently on the market compared to how many were sold each month. Homes are selling quickly!
Homes in the area have also been continuously appreciating over the last several years, with the current home appreciation rate in zip code 49684 at 6.4% (the national average is only 3.7%!). More interesting statistics about home values in our area can be found here.
We are always happy to prepare a free market analysis of your home if you’re considering selling. As we prepare for the winter months ahead, inventory is typically even lower, so now is a great time! More statistics about the housing market in Traverse City and other areas can be found here.
Contact us today!