MARQUETTE
As of May 2025, Marquette, Michigan’s real estate market exhibits a blend of affordability, steady appreciation, and strong buyer interest. Here’s a comprehensive overview for prospective buyers, sellers, and investors:
Market Snapshot
Average Home Value | Median Listing Price | Median Sold Price | Median Days on Market |
Approximately $315,134, reflecting a 5.8% increase over the past year. | Around $527,000, up 10.9% year-over-year. | Approximately $295,000, down 14.5% from the previous month. | Homes typically sell after 17 days, compared to 44 days last year. |
1. Affordability with Appreciation
Marquette remains more affordable compared to national averages, with home prices significantly lower than the U.S. median. This affordability, coupled with steady appreciation, positions the city as an attractive option for first-time buyers and investors.
2. Neighborhood Variations
Home values vary across neighborhoods:
- Downtown Marquette: Experiencing revitalization and increased demand.
- South Marquette: Known for its historic homes and proximity to Lake Superior.
- Trowbridge Park: Offers a mix of single-family homes and apartments, attracting a diverse population.
These disparities offer diverse options for buyers with varying budgets.
3. Rental Market Dynamics
Average Rent: Approximately $1,295, which is 33% lower than the national average.
Rental Vacancy Rate: Around 3%, indicating a relatively tight rental market.
Renter Demographics: Renters constitute about 47% of Marquette’s housing market.
Investment Considerations
High Demand: The city's economic vitality and population growth sustain strong housing demand.
Rental Opportunities: Given the competitive rental market, investment properties may yield favorable returns.
Recommendations
For Sellers: The market favors sellers, but pricing competitively remains crucial to attract offers.
For Investors:Focus on areas with strong rental demand and potential for appreciation, such as neighborhoods near downtown or Northern Michigan University.