Petoskey - Community Overview

Overlooking Little Traverse Bay, Petoskey has developed a reputation as foremost destination for Northwest Michigan travel. According to the 2020 US Census, Petoskey has just over 5,800 year-round residents. However, the high volume of seasonal visitors drives that number up several-fold during the summer and other busy times of year. Home to the famous Gaslight District, Petoskey provides a downtown with world-class shopping and dining. Residents of Petoskey enjoy the full spectrum of seasons – from beautiful breezy summers to stunning white winters - with plenty of recreation opportunities year-round. Petoskey is centrally located to several excellent ski resorts, renowned golf courses, and a wide variety of lakes and rivers. All that Northern Michigan has to offer can be found within close proximity to Petoskey.

Petoskey’s real estate market has several distinct pieces. Real estate within city limits is made up largely of classic Victorians – many over 100 years old. The further you move from the heart of downtown, the more current the real estate offerings. The edges of Petoskey city limits are made up of 60s-70s ranch homes, and moving outside of city limits leads to a number of more modern subdivisions. Primary residential real estate can range from $300,000-$1,000,000. Petoskey also has shoreline exposure on Walloon Lake, Lake Michigan, Pickerel Lake, Crooked Lake, and Round Lake. These offerings can raise to a much higher price point, often well north of $1,000,0000. The condo market in Petoskey is limited, but there are a select few options that typically range $300,000-800,000. 

Buyers for Petoskey real estate have a variety of factors to consider in their search. First and foremost, will this be a year-round home or seasonal getaway? Those interested in Petoskey as a weekend or summer home will want to consider the time of year they prefer to be here, and what amenities they want access to. Golfers may want to look around Crooked Tree Golf Club, while skiers are perhaps better suited looking at a few condo communities along M-119 towards Nubs Nob and The Highlands. Year-round buyers may want to factor in their needs for medical services or their children’s education. Where you will work is also likely to play a factor in what Petoskey real estate makes sense as a year-round resident.

Petoskey has several features that make it the community a great fit for full-time residents. MacLaren Northern Michigan is an award-winning regional hospital with a full spectrum of health and emergency services. Petoskey High School is well-known for its academic prowess, extra-curricular offerings, and athletic success. In addition to the Gaslight District, Petoskey is home to a number of larger franchise stores, including Wal-Mart, Meijer, Lowe’s, Home Depot, and much more. Petoskey provides a taste of big city amenities, while staying true to its small-town charm. Petoskey serves as a bit of a “commerce hub” for neighboring towns such as Harbor Springs, Alanson, Charlevoix, and Boyne City. Many residents in these towns come to Petoskey for their shopping needs and more.

US131 runs directly through Petoskey, allowing easy access both North and South. There are several routes to I-75, each about 45 minutes of driving. The Pellston Regional Airport is just about a 30-minute drive, while Traverse City’s airport (and large array of dining & shopping) can be reached in about 75 minutes. 

Kyle Lieberman was born and raised in Petoskey, and calls it home to this day with his wife and three kids. Nobody understands Petoskey real estate as intimately as Kyle does. If you want to truly understand the Petoskey real estate market, and what makes living here so special, Kyle Lieberman is the agent for you. As you look through the available Petoskey real estate on the market today, feel free to contact Kyle and let him assist in your search.