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THA Northern Michigan town with 6,000 year-round residents just landed on one of the most exclusive real estate lists in America.
Realtor.com identified 13 "pure luxury" housing markets in the US where more than half of all active listings are priced at $1 million or above. Petoskey ranked 11th. 53% of its active listings are above $1 million with a median list price of $1.11 million.
The other cities on this list include Nantucket (99% above $1M), Martha's Vineyard (90%), Jackson Hole (68%), and Napa (62%). Petoskey outranks both Napa and Bozeman, Montana, which came in at #13.
A town of 6,000 people in Northern Michigan ranking ahead of Napa and Bozeman is something nobody saw coming 10 years ago.
The shift started during COVID when remote work opened up Petoskey to buyers who had never considered it. Before the pandemic, waterfront homes were available under $1 million. That's gone. Buyers used to come primarily from Ohio, Illinois, and Indiana. Now they're coming from Texas, Nevada, and South Carolina. New direct flights from Traverse City to major metros like Detroit, Chicago, New York, Boston, and DC are making access easier than ever.
Petoskey isn't driven by scarcity the way an island like Nantucket is. It's a lifestyle market. Short but incredible summers. A slower pace. Small-town charm that people are willing to pay a premium for.
The workforce housing challenge that comes with this is real and well-documented. But the trajectory is clear.
If you haven't been to Petoskey, it's one of the most beautiful parts of the state. And apparently one of the most expensive.
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