Bay City, MI Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Bay City, MI Housing Market Trends

With 32,717 people, 13,958 houses or apartments, and a median cost of homes of $73,272, house prices in Bay City are some of the most affordable in Michigan as well as the nation.

Single-family detached homes are the single most common housing type in Bay City, accounting for 75.43% of the city's housing units. Other types of housing that are prevalent in Bay City include duplexes, homes converted to apartments or other small apartment buildings ( 12.06%), large apartment complexes or high rise apartments ( 8.45%), and a few row houses and other attached homes ( 3.03%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Bay City. Owner-occupied housing accounts for 67.14% of Bay City's homes, and 54.19% have either three or four bedrooms, which is average sized relative to America.

The housing in Bay City was primarily built before 1939 ( 49.73%), making the housing stock in Bay City some of the oldest overall in America, although there is a range of ages of homes in Bay City. The next most important housing age is between 1940-1969 ( 37.04%), followed by between 1970-1999 ( 11.66%). There's also some housing in Bay City built between 2000 and later ( 1.57%).

Vacant housing appears to be an issue in Bay City. Fully 11.19% of the housing stock is classified as vacant. Left unchecked, vacant Bay City homes and apartments can be a drag on the real estate market, holding Bay City real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Bay City Home Appreciation Rates

Bay City's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Bay City during the period has been just 2.47%, which is lower than 70% of US communities.

Appreciation rates are so strong in Bay City that despite a nationwide downturn in the housing market, Bay City real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Bay City appreciation rates continue to be some of the highest in America, at 12.00%, which is higher than appreciation rates in 83.84% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Bay City. Bay City appreciation rates in the latest quarter were at 3.08%, which equates to an annual appreciation rate of 12.89%.

Relative to Michigan, our data show that Bay City's latest annual appreciation rate is higher than 90% of the other cities and towns in Michigan.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Bay City differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Bay City - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Bay City real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$73,272

Bay City, MI HOME PRICES

> $1,232,000
0.3%
0.3%
$924,001 - $1,232,000
0.0%
0.0%
$616,001 - $924,000
0.2%
0.2%
$493,001 - $616,000
0.6%
0.6%
$370,001 - $493,000
0.8%
0.8%
$247,001 - $370,000
2.5%
2.5%
$123,001 - $247,000
12.6%
12.6%
$62,001 - $123,000
55.8%
55.8%
$0 - $62,000
27.1%
27.1%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very Low for Nation

Very Low for MI

Value Relative To Nation

Number Of Homes And Apartments:
13,958

Bay City Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
6.75% 0.30%
1
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$898 / per month

Homeownership Rate

Owners
67.1%
67.1%
Renters
32.9%
32.9%
Vacant
11.2%
11.2%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1.6%
1.6%
1970 - 1999
11.7%
11.7%
1940 - 1969
37.0%
37.0%
1939 or Older
49.7%
49.7%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
75.4%
75.4%
Townhomes
3.0%
3.0%
Small Apt. Buildings
12.1%
12.1%
Apt. Complexes
8.4%
8.4%
Mobile Homes
1.0%
1.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.1%
1.1%
1 Bedroom
13.4%
13.4%
2 Bedrooms
27.1%
27.1%
3 Bedrooms
38.0%
38.0%
4 Bedrooms
16.2%
16.2%
5 or more bedrooms
4.2%
4.2%
0.0% 100.0%
% OF HOMES