Northern Michigan Real Estate Update – May 2025
A closer look at Petoskey, Charlevoix, Harbor Springs & Boyne City
If you’re keeping an eye on the housing market—whether you’re thinking about buying, selling, or investing—understanding where things stand locally can make all the difference. Northern Michigan’s housing market is evolving, and May brought some key shifts worth knowing.
Below is a breakdown of the most up-to-date numbers across Petoskey, Charlevoix, Harbor Springs, and Boyne City, paired with expert insights based on current market research.
Petoskey
- 154 homes for sale
- 11 homes sold in May
- 56 median days on market
- $520,000 median sold price
Expert Take:
Petoskey continues to be one of the most stable and sought-after markets in the region. Inventory is growing slightly, giving buyers more to choose from, but demand remains strong for well-located, move-in-ready homes—especially downtown or with lake views. Compared to this time last year, prices have held relatively steady, and well-presented homes are still attracting serious buyers.
🔍 Pro Insight: The balance here is shifting. Homes are taking a bit longer to sell compared to the frenzy of 2021–2022, but motivated buyers are still out there. For sellers, pricing accurately and standing out with strong marketing is crucial. For buyers, this market rewards patience—but not hesitation.
Charlevoix
- 72 homes for sale
- 15 homes sold in May
- 43 median days on market
- $370,000 median sold price
Expert Take:
Charlevoix had the most active market in terms of sales volume this May. Homes are moving quickly, and the town’s walkability, access to both Round Lake and Lake Michigan, and strong seasonal appeal are key drivers. Inventory is up slightly, giving buyers more flexibility—but the best homes are still going fast.
🔍 Pro Insight: Homes under $400K are especially competitive right now. If you’re looking to list this summer, there’s still time to capitalize on a wave of out-of-town buyers. On the buy side, locking in a place before mid-summer demand spikes could save you money and stress.
Harbor Springs
- 90 homes for sale
- 13 homes sold in May
- 56 median days on market
- $630,000 median sold price
Expert Take:
Harbor Springs currently leads the region in terms of median sale price, and it’s no surprise why. Luxury second-home buyers and lakefront investors continue to look here first. However, with homes sitting a bit longer, there’s a shift toward a more balanced market. High-end homes are still selling, but only if they’re priced right and marketed well.
🔍 Pro Insight: While median prices remain strong, buyers are more value-conscious than last year. This could be an opportunity for buyers to negotiate if they find homes that have been sitting. For sellers, it’s about timing, condition, and smart pricing.
Boyne City
- 44 homes for sale
- 7 homes sold in May
- 39 median days on market
- $510,000 median sold price
Expert Take:
Boyne City had the fastest-moving homes in May—less than 40 days on average. The town’s year-round appeal, from lake access to skiing, keeps activity strong even with a smaller inventory pool. Homes here are commanding premium prices, especially if they’re within walking distance of downtown or have lake access.
🔍 Pro Insight: Low inventory + high demand = opportunity for sellers. If you’ve been thinking about listing, summer might be your best shot. Buyers looking in Boyne should be ready to move quickly and come prepared with strong offers—especially on anything under $600K.
📉 Mortgage Rates Snapshot
- 30-Year Fixed: ~6.89%
- 15-Year Fixed: ~6.03%
Rates based on national averages. Check with a local lender for specifics.
Higher rates continue to keep some buyers on the sidelines, but those still in the market are highly motivated. Cash buyers are still common in our area, especially for second homes and investment properties.
🔄 So… Is Now a Good Time to Buy or Sell?
If you’re a seller:
- Inventory is growing but still tight in many price ranges—especially for homes in great condition.
- Buyer quality is high. The people out shopping now are serious.
- Strategic pricing and strong marketing can still generate top-dollar offers.
If you’re a buyer:
- There’s more inventory than last year, giving you better options.
- Price growth has cooled in most areas—giving you negotiating room.
- Get pre-approved and work with a local agent to stay competitive in faster-moving towns like Boyne and Charlevoix.
🎯 Final Thoughts
We’re in a healthy, transitioning market. It’s not the extreme seller’s market of 2021, but it’s also not a downturn. It’s somewhere in between—which means opportunity exists on both sides of the table.
Want to know what your home is worth today? Thinking about making a move before summer ends? Let’s talk.
🌐 www.caseygilling.com
