A serene, Midwestern town is a hidden gem for far of the rustic, however no longer for locals who’ve been flocking to this lakeside retreat within the northern a part of Michigan.
It is the fascinating, picturesque city of Petoskey.
The sudden town made the Realtor.com® March 2026 Natural Luxurious Checklist—the place greater than part of all lively listings are priced at $1 million or above, and the median record value begins above $1 million.
“Petoskey units itself aside from many different coastal and mountain hotel communities through providing each water and ski entry in one marketplace, anchored through a historical, walkable downtown that remains lively year-round in spite of some lengthy winters,” says Realtor.com senior economist Anthony Smith.
“In contrast to many purpose-built hotel cities out West, Petoskey has greater than a century of historical past as a Nice Lakes holiday vacation spot, with a cultural id formed through Victorian-era tourism, and is a premier vacation spot within the Midwest with a real ‘small-town really feel,'” explains Smith. “Contemporary new building has driven pricing upward, however the marketplace keeps its personality.”
Even with an average record value of $1,111,175, Petoskey’s costs are a lot less than different towns that made the Luxurious Checklist.
“For consumers interested in the Nice Lakes area, the worth proposition is putting,” says Smith. “A waterfront or ski-access house in Petoskey can are available in at a fragment of what related houses command in Aspen or Jackson Hollow.”
Aspen’s median record value is $1,647,500, whilst Jackson Hollow’s climbs even upper to $1,746,750.
Smith says Michigan’s total cheaper price foundation performs a job. “Consumers in Petoskey get a real luxurious way of life, entire with boating, golfing, and slopes inside mins, with out the associated fee issues that experience turn into same old in lots of Western luxurious locations,” he explains.
Residing in Petoskey
Shawn Peterson has lived in Petoskey since 1992. He owns The Grove Beverage Cafe and may be widely known in the community as a DJ, offering song for plenty of weddings within the house—becoming, since Petoskey is a well-liked wedding ceremony vacation spot.
“I really like the town of Petoskey,” he says. “You have got water actions, snow sports activities, and 4 distinct seasons. It has got a old fashioned, small-town really feel.”
Petoskey actual property agent Geno D’Angelo of The D’Angelo Staff tells Realtor.com that the world draws guests year-round because of its wide variety of seasonal actions.
“You’ve were given motorcycle paths and climbing trails, however you’re additionally simply quarter-hour clear of the ski hills,” he explains.
Pushed in large part through tourism, Petoskey’s inhabitants swells dramatically in the summertime—emerging from about 5,000 citizens to almost 50,000, Peterson notes.
Having spent summers in Petoskey as a child, Peterson says he is observed the town alternate considerably over time. As the posh marketplace has expanded, so too has the valuables tax base—with a lot of that earnings flowing again into the town.
“We have now such a lot of facilities—like lots of inexperienced area, beautification initiatives, and a large number of issues that offer such a lot personality to the town,” he says. “It is been superb to look at.”
Even if the median record value has surpassed $1 million, Peterson notes that the median family source of revenue continues to be simply $74,196.
He says operating a trade in Petoskey manner interesting to rich house owners whilst nonetheless staying obtainable to locals—which he admits could be a “tough balancing act” every now and then.
Tracy Nehrkorn, proprietor of Then & Now antiques store, grew up in Petoskey and moved away after highschool for a number of years. “However I settled again right here in 2001 and raised my daughter in Petoskey,” she tells Realtor.com. “I’ve a newfound love for Petoskey—for its protection, nice faculties, blank air, pleasant other people, more than one lakes and thriving financial system.”
Native actual property marketplace
D’Angelo says many far flung staff moved to Petoskey throughout the COVID-19 pandemic—and that costs have greater than tripled since then.
The median listing value in March 2020 was once $349,950—a whopping $761,225 lower than it’s now.
Then again, that hasn’t bogged down the marketplace.
“There’s very low stock, and it is very aggressive,” says D’Angelo. “In truth, we are nonetheless seeing bidding wars.”
Whilst Michigan’s median record value is simply $274,950, 53% of all listings in Petoskey are priced at $1 million or above. The ninetieth percentile at $3.5 million and the 99th percentile at just about $8 million mirror a marketplace the place high-end lakefront and hotel houses set the tone for all the house.
