Green Bay may not boast the fame of other Wisconsin cities when it comes to its housing market, but what it lacks in notoriety it makes up for in affordability. This city, nicknamed “Titletown USA” for its strong association with football, offers a stable housing market with consistent growth.
While competition can be stiff, Green Bay's overall cost of living makes it an attractive option for homebuyers. This article explores everything you need to know about the Green Bay housing market, including current trends, median home values, and expert insights to help you navigate your buying journey.
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Trends in the Green Bay Housing Market
Green Bay's housing market exhibits signs of a seller's market with fewer homes available (indicated by a decrease in year-over-year sales) and faster selling times (reflected in the lower median days on market).
Median Home Sold Price
Green Bay boasts a median home sale price of $250,000 (Redfin), reflecting a moderate 2.0% increase year-over-year. This positions Green Bay's market as significantly more affordable compared to the national average, making it an attractive option for budget-conscious homebuyers.
Number of Homes Sold
The number of homes sold in Green Bay shows a slight year-over-year decline. In March 2024, there were 69 homes sold, compared to 79 sold in the same period last year. This dip could indicate a stabilizing market or a potential shift in buyer behavior. It's worth monitoring future data to see if this trend continues.
Median Days on the Market
Homes in Green Bay are typically on the market for a median of 37 days. This represents a slight decrease compared to last year's 38 days, suggesting a somewhat competitive market. Homes that are well-maintained, priced competitively, and situated in desirable locations are likely to attract buyer interest and sell more quickly.
What's Affecting the Green Bay Housing Market in 2024?
Green Bay's 2024 housing market offers a unique blend of affordability, stability, and simmering competition. Let's delve into the key factors shaping this dynamic market:
The National Mortgage Rate Balancing Act
Nationally, mortgage rates have risen compared to the record lows of recent years. However, they remain well below historical averages. This relative affordability continues to fuel buyer interest in Green Bay, particularly for first-time homebuyers and those priced out of hotter coastal markets. While rising rates might cool off some bidding wars, a steady stream of interested buyers keeps the market active.
Green Bay's Job Market: A Steady Engine of Growth
Green Bay's robust job market, particularly in manufacturing and healthcare, acts as a powerful driver for the housing market. A stable and growing economy attracts new residents, many of whom seek homeownership. This influx of population creates steady demand for housing, putting some upward pressure on prices. However, Green Bay's relative affordability compared to national averages helps maintain a healthy market balance.
Inventory Tightrope Walk: Fewer Homes, More Competition
Green Bay's housing inventory has tightened slightly compared to past years. This could be due to several factors. Existing homeowners, locked into historically low mortgage rates, might be reluctant to sell, reducing the number of available properties. Additionally, a national trend of low inventory persists, impacting markets across the country, including Green Bay. With fewer options on the table, buyers might face more competition, potentially leading to situations where asking prices are met or even exceeded.
Shifting Buyer Preferences: Remote Work and Green Dreams
The rise of remote work has reshaped buyer preferences in Green Bay. Untethered from traditional commutes, some buyers are seeking more space and opting for suburban or even exurban locations. This could drive demand for single-family homes in those areas, potentially influencing prices.
Furthermore, a growing national trend towards sustainable and energy-efficient homes is gaining traction in Green Bay as well. Eco-conscious buyers are increasingly prioritizing homes with these features, potentially influencing the value of properties that meet these demands. As a result, forward-thinking sellers who invest in energy-saving upgrades might see a return on their investment when it comes to attracting buyers.
Predictions for the Green Bay Housing Market
The average Green Bay, WI home value is $244,508 (Zillow), up 10.4% over the past year. The housing market has seen a steady increase in both median sale and list prices. As of February 29, 2024, the median sale price stood at $219,667, reflecting the midpoint value of all recorded sale prices.
By March 31, 2024, the median list price had risen to $233,117, indicating the middle point of all listed prices. This upward trend suggests growing demand and potential appreciation in property values, highlighting a buoyant market environment with favorable conditions for sellers.
The Green Bay metro area is also experiencing steady growth in its housing market.
Short-Term Projection (by June 30, 2024)
By June 30, 2024, the housing market index is expected to increase to 1.9. This indicates a notable upward trend in housing market activity, potentially driven by various factors such as economic growth, population influx, or favorable market conditions.
Medium-Term Projection (by March 31, 2025)
Looking further ahead to March 31, 2025, the housing market index is forecasted to rise to 3.2. This suggests continued growth and expansion in the Green Bay housing market, indicating sustained demand for housing properties in the region.
This graph by Zillow illustrates the growth of home values in the region over the past year, along with a forecast suggesting this trend will likely continue for the next year.
Here's a glimpse into what Green Bay's housing market might hold for the rest of 2024 based on current trends:
- Continued Affordability: Green Bay is likely to maintain its position as a relatively affordable market compared to national averages. This affordability will continue to attract buyers, particularly first-timers and those priced out of more expensive markets.
- Moderate Price Growth: Prices are expected to see a moderate increase throughout the year, driven by steady demand and a tight inventory. However, significant spikes are unlikely due to the area's inherent affordability.
- Stabilizing Market: As mortgage rates find a new normal, the market might transition from a seller's advantage to a more balanced state. While sellers will likely continue to benefit from some negotiation power, bidding wars might become less frequent.
- Shifting Inventory: The current trend of lower inventory might persist, with suburban and exurban areas potentially seeing increased demand due to remote work opportunities.
- Sustainable Spotlight: The focus on energy-efficient homes is likely to continue. Forward-thinking sellers who invest in energy-saving upgrades could see a potential advantage when attracting buyers.
Should You Invest in the Green Bay Real Estate Market?
Population Growth and Trends
- Green Bay's population has shown consistent, modest growth over the years. The Wisconsin Department of Administration's interim projections indicate that Green Bay's overall population will grow by 7.2 percent over the next 20 years. This increase is a positive sign for real estate investors, as a growing population often correlates with increased housing demand. As more people move to the area, there's a higher need for both rental and owned properties.
- The city's location in northeastern Wisconsin also makes it attractive to those seeking a more relaxed lifestyle away from the hustle and bustle of larger metropolitan areas. The area's natural beauty and recreational opportunities further contribute to its appeal.
Economy and Jobs
- Green Bay's economy is diverse, with a strong presence of the manufacturing, healthcare, and education sectors. This economic stability can translate to a steady job market, attracting workers and, consequently, renters and homebuyers.
- The city is home to several major employers, including the Green Bay Packers, the Green Bay Area Public School District, and Bellin Health, providing a reliable source of jobs. The presence of a well-known NFL team, in particular, boosts the city's profile and contributes to its economic growth.
- The stability of the job market and a diverse range of employment opportunities make Green Bay an attractive destination for those considering a move. This, in turn, can stimulate demand for both rental and owned properties.
Livability and Other Factors
- Green Bay consistently ranks as one of the most livable cities in Wisconsin. The city offers a family-friendly environment with access to quality schools and healthcare facilities, making it an appealing choice for those seeking a high quality of life.
- The city's vibrant cultural scene, outdoor recreational opportunities, and proximity to the picturesque Door County and Lake Michigan enhance its livability. This can lead to higher demand for housing as people seek to establish roots in Green Bay.
Rental Property Market Size and Its Growth for Investors
- Green Bay's rental market is a significant attraction for real estate investors. The demand for rental properties, driven by a steady job market, college students, and a diverse community, is on the rise.
- The presence of the University of Wisconsin-Green Bay and other educational institutions ensures a consistent pool of potential tenants, including students and faculty members.
- Investors can find opportunities in both single-family homes and multifamily units. Green Bay's growing rental market offers a stable income stream, and the potential for appreciation is an added benefit for long-term investors.
Other Factors Related to Real Estate Investing
- Green Bay's affordability compared to larger cities in Wisconsin makes it an attractive destination for families and individuals looking for housing options. This affordability can stimulate demand in the real estate market.
- The city's real estate market is characterized by a balanced mix of housing types, including single-family homes, condominiums, and apartments. Diversifying your real estate portfolio in Green Bay can provide stability and risk mitigation.
- Additionally, with a positive MSA forecast projecting an increase in property values, investors may benefit from the potential appreciation of their real estate assets over time.
It's important to note that, like any real estate market, Green Bay's market can fluctuate, and local conditions can change. Investors should conduct thorough research, consider their investment goals, and seek guidance from real estate professionals before making investment decisions.
Overall, the Green Bay real estate market presents several compelling reasons for investors, including population growth, economic stability, livability, a growing rental market, and affordability. The city's unique blend of urban amenities and natural beauty makes it an attractive destination for those looking to invest in Wisconsin real estate.
As with any investment, due diligence is crucial, and working with a local real estate expert can help you navigate this market effectively.
References:
- https://www.zillow.com/green-bay-wi/home-values/
- https://www.movoto.com/green-bay-wi/market-trends/
