Is Northern Michigan a Buyer's Market Again? Fall 2026 Data

If you've been watching Northern Michigan real estate from the sidelines this year, here's the headline: the frenzy of a few years ago has cooled, but this is still very much a market with staying power. Prices are still climbing in most of our lake towns, just at a pace that actually makes sense again, rather than the 15-18% annual jumps we saw at the peak.

Here's what the numbers are telling us across Petoskey, Harbor Springs, Charlevoix, and Boyne City heading into fall 2026.

Petoskey and Harbor Springs (Emmet County)

Petoskey's typical home value sits around $474,500, up roughly 6.7% over the past year. Zoom out to all of Emmet County (which captures Petoskey, Harbor Springs, and the surrounding townships), and home values are closer to $447,000, up about 13% year-over-year, though that pace has eased noticeably in the last few months as the market settles into a more normal rhythm.

Homes across the county are taking longer to find a buyer than they did during the pandemic run-up. Local reporting puts median days on market in the 45-to-60-day range, with certain price points moving faster than others. Entry-level homes (roughly $300K-$350K) are still moving briskly, with only about two months of supply. The luxury tier, $1M and up, is a different story: buyers there have far more room to negotiate, with inventory stretching toward 10 months in comparable Northern Michigan luxury markets.

What this means: Well-priced homes under $400K in Petoskey and Harbor Springs are still competitive. Above $1M, buyers have real leverage for the first time in years.

Charlevoix County

Charlevoix has followed a similar arc, with countywide home values around $418,000 and annual appreciation in the 3-5% range: healthy, steady growth rather than the sharp spikes of 2021-2022. Local brokerages are reporting a double-digit decline in the number of homes sold this year, even though new listings have held fairly steady, which tells you demand has softened more than supply has.

Price reductions are becoming more common across Charlevoix listings, a sign that some sellers priced ambitiously based on last year's comps and are now adjusting to meet the market. Sale-to-list price ratios remain strong relative to pre-pandemic history, though. This is a correction, not a crash.

Boyne City and the inland lakes

Boyne City and the inland lake communities (Walloon, Lake Charlevoix's south end, Deer Lake) are tracking the same broader Northern Michigan pattern: off-water homes have seen values level off after several years of outsized gains, while waterfront demand remains resilient. Regional data shows waterfront sales activity up nearly 29% year-over-year, even as per-property values have softened slightly from their peak. For buyers priced out of direct Lake Michigan frontage, inland lake and off-water properties in the Boyne corridor continue to be where a lot of the activity is happening.

What this means for buyers

This is the most balanced Northern Michigan has felt in years. You're less likely to be in a bidding war on a well-priced home outside the entry-level tier, and in the luxury segment you have genuine negotiating power. That said, rates easing further could bring buyers back off the sidelines quickly in a market this supply-constrained, so waiting for the "perfect" moment carries its own risk.

What this means for sellers

Pricing matters more than it has in years. Comps from 12-18 months ago are no longer a reliable guide, especially above $1M, where inventory has piled up. Homes priced accurately for today's market, not last year's, are still selling in a reasonable window. Overpricing is the fastest way to end up chasing the market down with reductions.

The bottom line

Northern Michigan isn't cooling off so much as it's returning to a healthier pace after an unsustainable few years. Petoskey and Harbor Springs remain strong, Charlevoix County is steady, and the inland lake markets around Boyne City continue to offer value for buyers priced out of direct waterfront. If you're weighing a move in this market, on either side of the transaction, the numbers above are a starting point, not the whole picture. Every neighborhood, and often every street, tells its own story right now.