Petoskey, MI metro housing market

What this means

• Prices. Home values are up 9.1% over the past year (U.S.: +1.2%).
• Supply. Listings are 30% below the 2017-19 norm and rising (+38% vs. a year ago): still a tight market.
• Negotiating. Buyer leverage is moderate (58/100; U.S.: 54): homes sell for about 2.8% below their final list price; 23% of listings had a price cut (U.S.: 26%).
• Affordability. A mortgage on the typical home takes 42% of the median household income (U.S.: 35%); it takes about $108k a year to keep the payment at 30% of gross pay. That includes about $1,147 a year for home insurance (U.S.: $1,790).
• Disaster risk. FEMA expects about $69 a year in natural-disaster damage per $100k of building value (U.S.: $155), mostly from flooding.
• Outlook. Leaning up: likely −6% to +9% over the next 12 months (72% chance of a rise).

Next 12 months

Leaning up

Prices are more likely to rise than fall over the next year. Likely change: −5.5% to +9.4% (80% range; middle estimate +3.3%), chance of a rise 72%, of a 5%+ drop 11%.

HouseVane's model, refit every month on local market signals and national ones, trained only on data known at the time. How accurate it has been.

Counties in Petoskey, MI metro