In February 2024, the Green Bay, WI housing market continued to showcase robust growth and resilience, with promising indicators for both buyers and sellers. Let's delve into the current trends and forecasts shaping the real estate landscape in this vibrant Wisconsin city.
Green Bay Housing Market Trends in 2024
According to data released by realtor.com®, Green Bay, WI is currently classified as a seller's market, characterized by a scarcity of available homes relative to the demand from prospective buyers. This imbalance tips the scales in favor of sellers, providing them with favorable conditions for negotiating terms and maximizing returns on their investments.
Despite the seller-friendly environment, buyers can still find opportunities in Green Bay's dynamic housing market by acting decisively and leveraging the expertise of real estate professionals to navigate the competitive landscape.
Median Listing and Sold Prices
The median listing home price in Green Bay, WI surged to $399.9K, marking a significant 17.7% year-over-year increase. This upward trajectory in prices reflects the city's enduring appeal and growing demand among homebuyers.
On the other hand, the median home sold price settled at $265K, showcasing a healthy market where sellers can expect competitive returns on their properties.
Sale-to-List Price Ratio
One of the noteworthy highlights of the Green Bay, WI housing market is the sale-to-list price ratio, which stands at 100%. This indicates that homes in the area are typically selling for the asking price, underlining the strong demand and competitive nature of the market.
Days on Market
In February 2024, the median days on market for homes in Green Bay, WI was 29 days. This signifies a relatively swift pace of transactions, with properties moving off the market in a timely manner.
Over the past year, there has been a downward trend in the median days on market, indicating increased efficiency and agility within the local real estate landscape. This trend underscores the desirability of properties in Green Bay, WI and the ability of sellers to swiftly attract interested buyers.
Green Bay Housing Market Forecast for 2024 and 2025
According to Zillow, the average home value in Green Bay stands at $236,278, reflecting a substantial 9.6% increase over the past year, based on data up to February 29, 2024. Let's delve into the specific housing metrics:
- 157 homes are currently listed for sale as of February 29, 2024.
- 51 new listings entered the market on the same date, indicating a steady influx of properties.
- The median sale price for homes in Green Bay was recorded at $221,000 as of January 31, 2024.
- Concurrently, the median list price for properties on the market as of February 29, 2024, was $231,467.
Deciphering the Green Bay MSA Housing Market Forecast
Looking into the broader Green Bay Metropolitan Statistical Area (MSA), the forecast paints a promising picture. The MSA, short for Metropolitan Statistical Area, encompasses Green Bay and its surrounding counties in Wisconsin. These counties, including Brown, Oconto, and Kewaunee, contribute to the sizeable housing market of the Green Bay MSA.
The MSA Housing Market Forecast, as provided in the data, indicates an expected growth trajectory over the coming months. From March 31, 2024, to May 31, 2024, the forecast predicts a 0.7% increase, followed by a more substantial rise of 1.6% by February 28, 2025. This forecast suggests a positive momentum in the housing market, aligning with the upward trend observed in current metrics.
Are Home Prices Dropping in Green Bay?
Contrary to a drop in prices, the data indicates an upward trajectory in home values. The 9.6% increase in average home value over the past year is a testament to the strength of the Green Bay housing market. While individual fluctuations may occur, the overall trend suggests appreciating home values rather than a decline.
Will the Green Bay Housing Market Crash?
While it's impossible to predict the future with certainty, the current data and forecast do not indicate an imminent housing market crash in Green Bay. The steady demand for homes, coupled with moderate forecasted growth, suggests a stable rather than volatile market environment. However, external factors such as economic downturns or significant policy changes could potentially impact the market.
Is Now a Good Time to Buy a House Green Bay?
Considering the current state of the Green Bay housing market, with rising home values and a seller's market prevailing, prospective buyers may face challenges. However, individual circumstances and long-term housing goals should dictate whether now is the right time to buy a house. Consulting with a qualified real estate professional can provide personalized insights and guidance tailored to specific needs and market conditions.
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. This steady 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/