Key Highlights

  • Median listing price of $92,000
  • Sales volume increase of +7.9% y/y

Ultra-Low Prices Attracting Buyers to Bay City MI

Bay City MI is now one of the 25 hottest MSAs in the country.  This small town of 33,000 residents approximately 90 minutes outside of Lansing has some of the nation’s lowest home prices.

According to realtor.com, the median list price in Bay City is currently $92,000 and, believe it or not, that $92,000 represents a +15.8% y/y price increase from 2020. True, the average sale price in Bay City averages $111,000 but still…compared with Detroit home prices, Bay City is hard to beat.

Market is “Crazy”

According to Barb Appold, a realtor with Berkshire Hathaway Home Services MI Real Estate, “People come here and they see our prices, and their eyes become saucers.  I tell my clients, if you want a house, you’ve got to go in with an offer immediately and you’ve got to make (that offer) strong.”

Appold knows what she’s talking about.  She recently listed her daughter’s house and had 4 offers within the first 24 hours.  She had already set up 15 different showings before she stopped showing it. Appold said, “It was crazy.

19thC Mansions Are Steal

With its proximity to the Saginaw River and the high availability of lumber, Bay City was thriving in the mid-19thC.  The result was that shipping business moguls built beautiful mansions in Bay City.

Many of those mansions still stand today and people are purchasing them for a song.  Appold said that 6,500 square feet homes with five bedrooms, four fireplaces and Maplewood floors that would have $1M price tags elsewhere sell for approximately $400,000 in Bay City

Investors Swarming

According to Wade Eckenrod, an associate broker with RE/MAXin Bay City, said, “(Investors look at our prices and laugh.  They send us cash offers (often sight-unseen) and they say ‘I don’t care what’s wrong with it – I’ll take it.’”

Appold concluded by saying, “I think we’re one of the best-kept secrets. We’ve got great restaurants, the waterfront, and we’ve got investors coming to town.  Plus, it’s a great place to live.”

Certainly sounds like Bay City MI, like many small towns with amenities and affordable home values, isn’t a secret anymore.

 

Thanks to HousingWire.

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