Traverse City's First Billion-Dollar Real Estate Year
Jan. 11, 2021
The real estate market ended 2020 on another high note, with a record-breaking month of December helping to top all previous year-end numbers. The 326 home sales last month for $123,999,847 dwarfed previous totals, with the next highest units being 305 in December 2016, while the sales volume in December 2019 of $90,797,031 was the previous high-water mark. The 153 homes sold in Grand Traverse County was actually lower than December 2019’s 164, though the sales volume from last month was higher ($56,893,917 compared to $47,512,349). The county with the largest gain was Benzie, with 49 homes sold compared to 28 in December 2019; its dollar volume was moe than doubled, at $17,955,566 versus $6,968,550.
Sales for the entirety of 2020 topped the $1 billion mark for the second year in a row. The sales of 3,455 homes in the five-county area totaled $1,220,513,667; sales in 2016 had set the previous record of 3,389 homes sold, while the sales volume of $1,026,722,416 in 2019 was next best. Residential waterfront properties set a record with 780 sales for $474,067,731, besting 2016’s 764 sales and the $361,157,394 of 2019. Vacant land also rebounded to a degree not seen previously, with 1,237 parcels for $122,784,190. The next best years were 2018, with 967 parcels sold for $96,088,250, and 2017, with 971 sold for $87,135,606.