ZIP Code Market Report
49721 — Cheboygan, MI
Data through February 2026 · Updated monthly
Avg Home Value
$215,073
▲ 1.4% year-over-year
Month-over-Month
+0.0%
▲ 0.0%
Single Family
$216,449
Condo / Co-op
--
The average home value in the 49721 ZIP code (Cheboygan, MICHIGAN) is $215,073 as of February 2026. Home prices are rising, up 1.4% compared to last year.
A 3-bedroom home in 49721 is valued at $239,931.
The market in 49721 has a $284,094 spread between bottom-tier homes at $117,635 and top-tier homes at $401,730. Bottom-tier properties represent the primary opportunity range for real estate investors using the 70% rule, fix-and-flip, or BRRRR strategies.
This report is part of the Cheboygan County market area in MICHIGAN. For a broader view of the housing market including rent data, market activity, and affordability analysis, see the full Cheboygan County report.
Free Home Value Estimate
What's your home worth in 49721 (Cheboygan)?
Get a free estimate based on recent sales and market data in your neighborhood. See how your home compares.
Free · Takes 30 seconds · Based on real sale data
Market Snapshot
49721 Housing Market at a Glance
Key metrics for the last 3 months with trend direction.
| Metric | Dec 2025 | Jan 2026 | Feb 2026 | 3-Mo Change |
|---|---|---|---|---|
| Avg Home Value | $215,373 | $215,006 | $215,073 | ▼ 0.1% |
| Single Family Value | $214,061 | $215,158 | $216,449 | ▲ 1.1% |
Home Values
49721 Home Value Trend
Historical home values for ZIP code 49721. Switch between All Homes, Single Family, Bottom Tier, and Top Tier.
Source: Zillow Research ZHVI / ZORI · Updated monthly
By Bedroom
What Homes Cost in 49721
Median home values by bedroom count in this ZIP code.
| Bedrooms | Median Value |
|---|---|
| 2 Bedrooms | $193,919 |
| 3 Bedrooms | $239,931 |
| 4 Bedrooms | $339,421 |
Property Types
Home Values by Property Type in 49721
How different property types compare in this ZIP code.
All Homes
$215,073
Single Family
$216,449
Bottom Tier
$117,635
Top Tier
$401,730
Data Sources and Methodology
Home value data for ZIP code 49721 comes from the Zillow Home Value Index (ZHVI), updated monthly. ZHVI measures the typical home value using Zillow's automated valuation model, smoothed and seasonally adjusted.
This report was last updated February 2026. Data is refreshed on the 17th of each month.
Investing in Cheboygan?
Run your ARV and MAO instantly with live market data