The residential real estate market in Grand Traverse County continues to be healthy. According to the online real estate site, Zillow, the median price for homes in the area has increased 9% in the last year and 32% since 2013. Number of days on the market has increased slightly in the last year, from 97 to 104. Data shows that April has been the busiest month so far, which is not unusual.
Northern Michigan has been enjoying a surge in corporate and residential real estate and that trend is continuing. There has been a significant amount of corporate real estate growth. As so often happens, the health of the residential market has followed suit.
Commercial real estate has been on the uptick for Northern parts of Michigan and Grand Traverse County for a while now. Growth in commercial real estate frequently spurs growth in residential development and the Traverse City area is no exception. A new residential development is under way for the Hammond Road area.
Summer is coming and Grand Traverse County is looking forward to a healthy tourist season. Northern Michigan is becoming a tourist destination, and this is contributing to strong growth in the commercial real estate industry in and around the area. Much of this business is food-centered as hungry tourists must be fed.
Northern Michigan is enjoying a renaissance and Grand Traverse County is reaping some of the benefit. Traverse City has long been a tourist destination for its beautiful scenery, including both forests and beaches. People have come to the area for vacation but now the perception of the area is changing. It is becoming an appealing location for businesses, and this is having a positive impact on the real estate environment.
Traverse City continues to enjoy a surge in development as projects in the downtown area are undertaken and new opportunities still exist. There is a large building downtown that is unused and could present an interesting real estate investment opportunity. This part of Michigan is continuing to be a healthy market for potential investors.
Real estate has for a long time been considered a sound investment. When a young couple marry one of their first goals may to be to buy a house. This desire to own real estate appears to be alive and well in northern Michigan.
The holidays are over, and people are turning their attention to hopes and plans for 2019. Some of these plans include real estate purchases. According to local experts, the 2019 market in real estate will probably resemble the 2018 market. In northern Michigan, that spells good news as the local market was very healthy in 2018.
Real estate in the Traverse City region of Michigan continues to be a promising prospect. There are significant commercial and residential projects in the works. Another area that shows promise is in the farming industry. According to one real estate source, one of northern Michigan's biggest assets may be its farmland.
Development continues in the Grand Traverse area in Michigan. An exciting real estate project was recently announced, and the community has an opportunity to invest in the project. The multi-million-dollar mixed-use building project is scheduled to begin in the summer of 2019. Community residents have an opportunity to buy in as part owners.