If you’ve heard of Green Bay, it was probably because of the Green Bay Packers football team. Many people don’t even know that Green Bay is located in Wisconsin. It is overshadowed by larger cities like Milwaukee. However, that creates a significant opportunity in this city by the bay. In this blog, our focus will be on the Green Bay real estate market trends and investment opportunities in 2020.
Green Bay sits on an inlet of Lake Michigan, where the Fox River empties into a bay on that Great Lake. The city is roughly a hundred miles north of Milwaukee. The city of Green Bay is home to just over a hundred thousand people. That alone makes Green Bay the third largest city in the state.

The Green Bay metropolitan area is home to around three hundred thousand people. However, size isn’t reason enough to invest in the Green Bay housing market. It is important to analyze the market as a whole before deciding to buy, sell, or invest in the Green Bay real estate. The Green Bay housing market had crashed ten years ago when there was a global recession.
Since then, it has been continuously growing to reach from a shortage of buyers to a shortage of available homes for qualified buyers. Demand for a supply of homes is pushing up prices for new construction and existing homes. The home prices were up smartly in the past year, indicating good demand not just for single-family homes but for rentals as well.
With prices still well below the income level and job growth above-average, demand is likely to keep pushing prices higher in 2020. Is Green Bay a good market to invest in real estate? Let’s take a deep look at the latest Green Bay housing market trends to come to a conclusion.
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Green Bay Real Estate Market Forecast 2020
What are the Green Bay real estate market predictions for 2020? Green Bay housing market 2020 is shaping up to continue the trend of the last few years as one of the hottest markets in Wisconsin. The latest real estate data from Zillow shows that the current median home value in Green Bay is $146,969.
Green Bay is currently a seller’s market – which means there are a lot of qualified buyers in the market place and not enough homes for sale in the market. The home prices have risen by 5.5% over the last year. Looking forward into the coming year, the Green Bay real estate market forecast is that home prices will continue to increase by 1.9%. Since 2014, the Green Bay home prices have increased every year from $109,000.
Here is the Green Bay, WI real estate price appreciation graph by Zillow. It shows us the current home price appreciation forecast of 1.9% till Nov 2020.

The median list price per square foot in Green Bay is $111, which is lower than the Green Bay Metro average of $126. The median price of current listings in Green Bay is $154,900 and the median price of homes that have been sold out is $141,200. The median rent price in Green Bay is $868, which is lower than the Green Bay Metro median of $1,000.
Zillow reports that 11.3% of the listings in Green Bay had a price cut in Nov 2019, which is a good thing for buyers. It shows sellers were willing to negotiate on prices as they were finding it more and more difficult to sell homes at asking prices.
Green Bay Housing Market Forecast 2019 – 2021
Here is a short and crisp Green Bay housing market forecast for the 3 years ending with the 3rd Quarter of 2021. The accuracy of this forecast for Green Bay is 85% and it is predicting a positive trend. The LittleBigHomes.com estimates that the probability for rising home prices in Green Bay is 85% during this period. If this price forecast is correct, the Green Bay home values will be higher in the 3rd Quarter of 2021 than they were in the 3rd Quarter of 2018. Check this page each quarter for updates to the Green Bay, Wisconsin Real Estate Market Forecast.
Green Bay Real Estate Market Trends
We shall now discuss some of the most recent housing trends in the Green Bay such as median home prices, inventory, economy, growth and neighborhoods, which will help you understand the way the local real estate market moves in Green Bay. Trulia has currently 1,154 resale and new homes for sale in Green Bay, WI including open houses, and homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process.
Some of the most popular neighborhoods in Green Bay are Fort Howard, Astor, Mathor Heights, Red Smith and Joannes Park. There are currently 20 homes for sale in Fort Howard, Green Bay, WI. The home prices in Fort Howard neighborhood range from $19.9K – $435K. Additionally, there are 12 rental properties for sale on Trulia and their rent price ranges from $475 – $1.1K. There are currently 17 homes for sale in Mathor Heights, Green Bay, WI. The home prices in Mathor Heights neighborhood range from $14.6K – $210K.
In the past month, 177 homes have been sold in Green Bay, WI on Redfin.com. In addition to houses in Green Bay, there were also 36 condos, 14 townhouses, and 75 multi-family units for sale in Green Bay last month. According to their statistics, the Green Bay housing market is somewhat competitive. The average sale price of a home in Green Bay was $170K last month, up 14.9% since last year. The average sale price per square foot in Green Bay is $98, up 8.3% since last year. Hot homes for sale in Green Bay have a median listing price of $190,000 and can go under contract in 42 days.
Here is the latest Green Bay housing market data for the month of Nov 2019 from Redfin.com. The sale to list price ratio shows us that it was a seller’s market in the past month.
Green Bay Housing Market Trends in Nov 2019 |
|
Median List Price | $190,000 |
Avg. Sale / List | 99.0% |
Median List $/Sq Ft | $100 |
Avg. Number of Offers | – |
Median Sale Price | $170,000 |
Avg. Down Payment | – |
Median Sale $/Sq Ft | $98 |
Number of Homes Sold | 177 |
There are 913 homes for sale in Green Bay, WI on Realtor.com. The newly listed homes for sale are 23. The asking price of single family homes can start from $44,900 and can go up to $1.7M for a luxury property located in McAuliffe Park neighborhood in the city of Green Bay, WI. The median home price is McAuliffe Park is $213.4K. It is quite an affordable neighborhood as homes are selling for $98/SqFt.
There are currently 77 rental properties in Green Bay, and their rent prices range from $390 to $1,400 per month. There are 57 new construction homes for sale in Green Bay within a price range of $249,900 to $479,900. According to their statistics, in November 2019, the Green Bay housing market was a seller’s market, which means there were roughly more buyers than there were active homes for sale.
Ideally a buyer would prefer a sale to asking price ratio that’s closer to 90%. In Green Bay, the sellers have held good leverage in these negotiations in the past month. On an average, they could sold homes for 98.48% of the asking price (just 1.52% below asking price). A seller would always prefer scenarios which can yield a ratio of 100% or higher.
In November 2019, the median list price of homes in Green Bay, WI was $189.9K, trending up 3.3% year-over-year. The median listing price per square foot was $101. The median sale price was $181K. On average, homes in Green Bay, WI sell after 57 days on the market. The trend for median days on market in Green Bay, WI has gone down since last month, and slightly down since last year.
The median list price in Green Bay is $274,900 on Movoto.com. The median list price in Green Bay went up 1% from November to December. Green Bay’s home resale inventories is 306, which decreased 8 percent since November 2019.

The median list price per square foot in Green Bay is $123. In November 2019 it was $120. Distressed properties such as foreclosures and short sales remained the same as a percentage of the total market in December.
Green Bay, WI Single & Multi-Homes Statistics
Following the real estate market decline in 2007 in the U.S., single family rental homes became favorable options for investors, saving in construction or refurbishment prices. The quick turnaround for an owner to rent out their property means cash flow is almost immediate. Single family rental properties have grown up to 30% within the last three years. Almost all the housing demand in the US in recent years has been filled by single family rental units.
U.S. single-family rental market has seen steady rent increases between 2010 and 2019. According to CoreLogic’s latest Single-Family Rent Index (SFRI), which analyzes single-family rent price changes nationally and among 20 metropolitan areas, it shows a national rent increase of 3% in April 2019, as compared to 2.8% in April 2018. The average sales price of new homes sold in the U.S. fell by 1.6% year-over-year in July 2019, to $388,000, according to the U.S. Census Bureau.
In fact, the median sales price of new homes sold fell by 4.8% to $312,800 over the same period. For existing homes, the median price was up by 4.3% to $280,800 in July 2019 from a year earlier, according to the National Association of Realtors. July’s price increase marks the 89th consecutive month of year-over-year gains. Demand remains robust. During the year to July 2019, new and existing home sales increased by 4.3% and 2.5%, respectively.
As per the real estate company called Neigborhoodscout.com, the median house price in Green Bay, WI is $146,358, which indicates that home prices in Green Bay are well below the national average for all cities and towns in the United States. Single-family detached homes are the single most common housing type in Green Bay, accounting for 56.69% of the city’s housing units.
One and two bedroom single family detached homes are the most common housing units in Green Bay. Other types of housing that are prevalent in Green Bay include large apartment complexes, duplexes, homes converted to apartments and a few row houses. Green Bay has a mixture of owner-occupied and renter-occupied housing.
After the great recession of 2008, renting a home has increased exponentially across the nation. There are currently over 136.57 million housing units in the U.S. In 2018, the total number of homeowner households hit an all-time high of 76.2 million. 36.6% of households rent their homes and 64.4% buy their homes (2018 U.S. Census Bureau).
Currently, there are 278 single family homes for sale in Green Bay, WI on Zillow. Additionally, there are 15 single family homes for rent in Green Bay, WI. Under potential listings, there are about 4 Foreclosed and 35 Pre-Foreclosure homes. These are the delinquent properties that may be coming to the market soon but are not yet found on a multiple listing service (MLS).
Green Bay, WI Foreclosures And Bank Owned Homes Statistics
As per the Green Bay foreclosure data by Zillow, the percent of delinquent mortgages in Green Bay is 1.0%, which is lower than the national value of 1.1%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Green Bay homeowners underwater on their mortgage is 7.7%, which is lower than Green Bay Metro at 13.0%.
Total No. of Foreclosures in Green Bay | 136 (RealtyTrac) |
Homes for Sale in Green Bay | 405 |
Recently Sold | 2,171 |
Median List Price | $174,900 (3% drop vs Oct 2018) |
There are currently 136 properties in Green Bay, WI that are in some stage of foreclosure (default, auction or bank owned) while the number of homes listed for sale on RealtyTrac is 405.In November 2019, the number of properties that received a foreclosure filing in Green Bay, WI was 12% lower than the previous month and 54% higher than the same time last year.
Neighborhoods To Choose in The Green Bay Real Estate Market
If you are looking to invest in the Green Bay real estate, you should know the best places to invest in. The three most important factors when buying a real estate anywhere are location, location, and location. Location creates desirability. Desirability brings demand. Demand would raise the price of your Green Bay investment real estate and you should be able flip it for a lump sum profit.
When looking to invest in Green Bay real estate, you need to find places where the expected property appreciation forecast is positive. The running costs for owning and managing an Green Bay investment property should be low. The neighborhoods in Green Bay must be safe to live in and should have a low crime rate.
The neighborhoods should be close to basic amenities, public services, schools and shopping malls. There should be a natural and upcoming high demand for rental properties and a low supply of income properties. Green Bay is a minimally walkable city in Brown County. There are 44 elementary schools, 18 middle schools, 14 high schools and 29 private & charter schools.
There are 34 neighborhoods in Green Bay. Some of the best neighborhoods in Green Bay, Wisconsin are Howard, Allouez, Ashwaubenon, Edison Park, Kennedy Park, Sunbird, Starlite, Morrows, Delwood, Ridge Heights, Wilder Park, Nicolet Drive, Howard Village Center, Lake Largo, San Lorenz Park, Lombardi and Westside Green Bay. Suamico has a median listing price of $319.9K, making it the most expensive neighborhood. Olde North is the most affordable neighborhood in Green Bay, with a median listing price of $92K.
Here are a few good neighborhoods in the Green Bay real estate market which have the experienced the highest appreciation rates (List by Neigborhoodscout.com).
1 | Finger Rd / Erie Rd |
2 | E Mason St / Main St |
3 | S Webster Ave / E Mason St |
4 | Main St / N Monroe Ave |
5 | Bay Settlement / U of Wisconsin-Green Bay |
6 | W Mason St / Hinkle St |
7 | Bay Settlement Rd / Humboldt Rd |
8 | Hillcrest Dr / W Mason St |
9 | Preble |
10 | S Ridge Rd / Lombardi Ave |
Is Green Bay a Good Place For Real Estate Investment?
Investing in good real estate markets is touted as a great way to become wealthy. Is Green Bay a Good Place Real Estate Investment? Many real estate investors have asked themselves if buying a property in Green Bay is good investment? If you want to find out whether Green Bay real estate is a good investment or not, you need to drill deeper into local trends. The Green Bay real estate trends will tell what the market holds for the year 2020.
We have already discussed the Green Bay housing market forecast for 2020. Purchasing an investment property in Green Bay real estate is a little different from shopping for your car or primary residence. While you still want to get the most for your money, if you are looking to make a profit, you don’t want to buy the most expensive property on the Green Bay real estate market and expect to make a good profit on rents.
Perhaps you are looking for a slightly different hold-over, an investment property in Green Bay that you might move into or sell at retirement in the future! Either way, knowing your profit potential and purpose is the first thing to consider. Let’s take a look at the number of positive things going on in the Green Bay real estate market which can help investors who are keen to buy an investment property in this city.
1. The Affordable Green Bay Real Estate Market
The average home price in the Green Bay real estate market is a little under 150,000 dollars. This means the average Green Bay real estate investment property is almost forty percent cheaper than the average home in the U.S. (220K). Roughly a quarter of properties in the Green Bay housing market are between 60 and 120,000 dollars. This means you could pick up two or three Green Bay real estate investment properties for the cost of one home elsewhere in the U.S.
2. The Slow And Steady Price Appreciation
The Green Bay real estate market is seeing slow, steady appreciation. The Green Bay housing market saw nearly seven percent appreciation in 2019. The value of the average Green Bay real estate investment property is expected to go up five percent in 2020. This is a little better than the inflation rate. However, it isn’t such a hot real estate market that there won’t be an influx of new construction that brings property markets down.
3. The Stable Real Estate Market
The Green Bay real estate market is a notable exception to the Rust Belt’s general downward trend. The Green Bay area has maintained a stable population. More importantly, it has a younger than average population. (The average age is 33, whereas the national average is around 40.) This means the Green Bay housing market is going to remain stable while others in the region are in decline.
4. The Sizable Rental Market
Around two thirds of Americans own their homes. The Green Bay real estate market has a larger than average rental market. Roughly 45 percent of residents rent. This creates a solid, sizable rental market but not one that is so large that it is hostile to landlords.
5. The (Relatively) Landlord Friendly Jurisdiction
Wisconsin is landlord friendly by most measures, and that is incredibly good by Midwestern standards. There are no state laws limiting the size of security deposits. You don’t have to pay interest on deposits, and you can commingle the deposits. There is no state law limiting late fees, but they must be spelled out in the rental agreement.
The state does have pet laws, notice of entry laws, and payment grace periods. As we said, the rules regarding rentals in the Green Bay housing market are more favorable to property owners than surrounding states. For example, Michigan limits the size of security deposits, and it is difficult to evict someone.
6. The (Relatively) Low Tax Rates
Taxes are relative when it comes to real estate, because people can move to another county or across state lines and save money. Wisconsin ranks fortieth to forty-fifth among the fifty states on tax rates, depending on what ranking system you use. That puts it in the top fifth at best. However, it is a regional bargain. For example, Wisconsin is north of Illinois, the state with the worst overall tax burden in the United States. Their tax burdens are similar to Michigan and other high tax Midwestern states.
7. The Sizable Student Market
Green Bay has a sizable student market. A number of regional colleges have campuses in the city like the University of Wisconsin, Medical College Wisconsin and Lakeland College. This is aside from institutions like Rasmussen College, the College of Menominee Nation and Bellin College of Nursing.
This means you could hold a diverse Green Bay real estate investment portfolio aimed at students. It also results in a local economy that isn’t tied to the rise and fall of a particular educational institution. This large student market contributes to the better than average rental rates in the Green Bay real estate market.
8. The Strong Rental Market Returns
The average downtown Green Bay real estate investment property rents out for 900 dollars a month, when you factor in apartments and homes. Rents for a suburban Green Bay real estate investment property are higher. Those rent for an average of nearly 1100 dollars a month. Note that you could charge 1400 dollars or more for a single family home. Rental rates in the Green Bay housing market are stable, while property rates are slowly rising.
9. The Impact of the Diversified Green Bay Economy
The Green Bay real estate market is stable because the Green Bay economy is diversified and stable. Roughly one in five jobs are in manufacturing, but more importantly, the job market has other, growing sectors. The city remains a transportation hub; it is a major distribution hub for Wisconsin with roads, railway connections, highway access and pipelines. For example, there’s a petroleum storage terminal.
Furthermore, the Green Bay area is a regional services hub. The city is the major retailing center for both northeastern Wisconsin and upper Michigan It has a growing healthcare sector. Tourism is growing, and that is aside from the economic benefit the Green Bay Packers bring.
All of this results in a local unemployment rate one point below the national average, and it is well below the regional average. The Green Bay job market isn’t booming, but it is expected to see job growth slightly higher than the national average over the next ten years.
10. The Relationship Between the Economy and the Housing Market
The average Green Bay resident earns 24,000 dollars a year. That’s five thousand dollars less than the national average. That average income is pulled down by the many seasonal and low paying service jobs in the area. On the flipside, that increases demand for Green Bay real estate investment properties. They can’t afford to buy or can’t take the risk of buying a home.
Investing in Green Bay Real Estate or Not: The Conclusion
Maybe, you have done a bit of real estate investing in Green Bay, Wisconsin but want to take things further and make it into more than a hobby on the side. It’s only wise to think about how you can and should be investing your money. In any property investment, cash flow is gold.
Green Bay is a steady, stable and profitable housing market in an area marred by decline and, occasionally, rebirth. That makes it a good opportunity for real estate investors. A good cash flow from Green Bay investment properties means the investment is, needless to say, profitable. A bad cash flow, on the other hand, means you won’t have money on hand to repay your debt.
Therefore, finding a good Green Bay real estate investment opportunity would be a key to your success. If you invest wisely in Green Bay real estate, you could secure your future. If you are a beginner in the business of cash flow real estate investing, it very important to read good books on real estate. Most investors naturally gravitate to residential property investment.
When looking for the best real estate investments in Green Bay you should focus on neighborhoods with relatively high population density, employment growth and strong appreciation potential. Both of them translate into high demand for housing. If housing supply meets housing demand, real estate investors should not miss the opportunity since entry prices of homes remain affordable.
You must also collaborate and learn from savvy real estate investors who have retired early on in their lives by investing locally in the Green Bay real estate market. As with any real estate purchase, act wisely. Evaluate the specifics of the Green Bay real estate market at the time you intend to purchase.
Buying or selling real estate, for a majority of investors, is one of the most important decisions they will make. Choosing a real estate professional/counselor continues to be a vital part of this process.
They are well-informed about critical factors that affect your specific market area, such as changes in market conditions, market forecasts, consumer attitudes, best locations, timing and interest rates.
NORADA REAL ESTATE INVESTMENTS strives to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in the U.S. growth markets. We can help you succeed by minimizing risk and maximizing profitability.
The aim of this article was to educate investors who are keen to invest in Green Bay real estate in 2020. Purchasing an investment property requires a lot of studies, planning, and budgeting. Not all deals are solid investments. We always recommend to do your own research and take help of a real estate investment counselor.
Other Good Markets To Invest in Real Estate in 2020
Another good market to invest in real estate is Billings in the state of Montana. The Billings real estate market offers strong market fundamentals like decent rates of return and slow, steady growth. It stands out for the low tax rates, low regulatory burden and landlord-friendly legal system.
The Billings housing market has strong, long-term potential for growth. The city’s population is a few years younger that the state and national average. The strong local economy attracts young people from the surrounding area and helps it retain those who graduated from local colleges.
The other real estate market which looks good for investment in 2020 is Sioux Falls, South Dakota. The Sioux Falls housing market is stable, steadily appreciating, growing and affordable to outside investors. These are reason enough to consider Sioux Falls real estate investing, though there are niche markets where you can see even better returns.
Sioux Falls enjoys a surprisingly resilient economy. It isn’t as dependent on government spending as other state capitals. Nor is it a college town, though it is home to multiple educational institutions. The city saw 10 percent growth from 2010 to 2017, nearly double the national average. They aren’t attracting international immigrants.
Remember, caveat emptor still applies when buying a property anywhere. Some of the information contained in this article was pulled from third party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, the Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.
References:
Updated Market Prices, Trends & Forecasts
https://www.zillow.com/green-bay-wi/home-values/
https://www.redfin.com/city/7928/WI/Green-Bay/housing-market
https://www.realtytrac.com/statsandtrends/wi/brown-county/green-bay/
https://www.movoto.com/green-bay-wi/market-trends/
Neighborhoods
https://www.neighborhoodscout.com/wi/green-bay/real-estate
Tax rates
https://wallethub.com/edu/best-worst-states-to-be-a-taxpayer/2416/
https://taxfoundation.org/state/wisconsin/
About Green Bay
https://www.britannica.com/place/Green-Bay-Wisconsin
https://en.wikipedia.org/wiki/Green_Bay,_Wisconsin
The student market
https://en.wikipedia.org/wiki/Green_Bay,_Wisconsin#2010_census
Rental rates
https://www.rentjungle.com/average-rent-in-green-bay-rent-trends/
Diversified Economy
http://www.city-data.com/us-cities/The-Midwest/Green-Bay-Economy.html
https://www.bestplaces.net/economy/city/wisconsin/green_bay
Landlord friendly
https://www.avail.co/education/laws/wisconsin-landlord-tenant-law
https://www.nolo.com/legal-encyclopedia/overview-landlord-tenant-laws-michigan.html