Petoskey, MI 49770 Real Estate Market Report

Market Overview

This analysis is based on a sample of properties from this ZIP code (up to 200 sold properties and up to 100 active properties). The median prices below are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

Market Metrics

The property counts shown above represent only the properties analyzed in this report sample, not the total inventory for this ZIP code. Median prices are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

Rental Market

Note: The relationship between property values and rental rates reflects different market dynamics. Higher-priced properties may have lower rental yields due to factors such as luxury market positioning, owner-occupancy preferences, or long-term appreciation strategies rather than immediate rental income maximization.

Liquidity & Velocity

Note: A Sale-to-List Ratio near 100% can occur when properties sell at or near their final listing price after price adjustments during the listing period, even when initial listing prices differ significantly from sale prices.

Market Trends & Context

Key Findings

1. The primary market value indicator is the median sold price of 315,000, which aligns with a down price year-over-year trend and a cold market temperature, signaling recent transaction prices have softened and overall pricing pressure is negative.
2. The median days on market of 724 points to markedly slower sales velocity and greater pricing friction; this extended time-to-contract suggests sellers may need to adjust expectations or offer concessions to achieve timely closings.
3. The median price per square foot of 219, when combined with a median market rent of 1,500 and a rent year-over-year trend that is up, suggests rental demand is exerting upward pressure even as for-sale values decline—this can support buy-to-rent strategies if financing and net yields align.
4. Local liquidity appears muted with relatively constrained active supply in the analyzed sample and moderate interest rate pressure, which may temper buyer urgency; expect continued cautious buyer behavior until rates trend lower and transaction velocity improves.

Notable Properties

The following 8 properties represent notable market examples and recent transactions that illustrate key market dynamics. These are illustrative examples selected for their significance (top sales, market benchmarks, quick sales) and are not the basis for the statistical calculations shown above.