Is Bay City, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Bay City has remained a Seller's Market.
Key Takeaway
Bay City is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Bay City, MI
How much do homes in Bay City, MI cost?
Median Sold Price
$134,500
$105/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Bay City have sold for 7.6% more than they did a year ago.
Summary: The median home sold price in Bay City was $134,500 in May 2024, up 7.6% from last year, and the median price per square foot was $105.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $65K | $55.1K | -15.2% |
| 2 Bedrooms | $87.9K | $116.4K | +32.4% |
| 3 Bedrooms | $135.9K | $139.4K | +2.6% |
| 4 Bedrooms | $140.5K | $138.4K | -1.5% |
| 5+ Bedrooms | $110K | $180K | +63.6% |
Summary: Bay City housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 15.2%, 2 bedroom homes increased by 32.4%, 3 bedroom homes increased by 2.6%, 4 bedroom homes decreased by 1.5%, and 5+ bedroom homes increased by 63.6%.
Median Sold Price Compared To Nearby Cities
| Hampton Charter Township | $156K | $180K | +15.4% |
| Bangor Charter Township | $162.2K | $180K | +10.9% |
| Bay City | $125K | $134.5K | +7.6% |
| Essexville | $142K | $140K | -1.4% |
Housing Supply in Bay City, MI
How many homes are available in Bay City, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 170 | 193 | +13.5% |
Summary: The Bay City real estate market had 193 homes for sale in May 2024, a 13.5% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 5 | 4 | -20.0% |
| 2 Bedrooms | 29 | 39 | +34.5% |
| 3 Bedrooms | 77 | 87 | +13.0% |
| 4 Bedrooms | 49 | 54 | +10.2% |
| 5+ Bedrooms | 10 | 9 | -10.0% |
Summary: The Bay City housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 20%, 2 bedroom homes increased by 34.5%, 3 bedroom homes increased by 13%, 4 bedroom homes increased by 10.2%, and 5+ bedroom homes decreased by 10%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 37 | 63 | +70.3% |
Asking Price vs. Sold Price
23 Homes Were Sold
Under Asking
10 Homes Were Sold
At Asking
30 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Bay City, you could pay more than the asking price. 47.6% of homes here sold above asking price last month.
Summary: A total of 63 homes were sold or pending in Bay City in May 2024, up by 70.3% month-over-month. Of the 63 sold homes, 37% were sold under asking, 16% were sold at asking, and 48% were sold over asking.
Days on Market for Bay City, MI
How long does it take to sell a home in Bay City, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 42 Days | 23 Days | -44.9% |
Summary: Homes in Bay City had an average of 23 days on market in May 2024, down by 44.9% compared to last year.
Breakdown of Home Sale Times
45 Homes Were Sold
Under 30 Days
16 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Bay City are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 63 homes were sold in Bay City; 71% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS. Copyright MiRealSource. 
Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.