Green Bay, Wisconsin Real Estate Market 2026: Score 79, Down from 93, Demand Score Still 89

Green Bay, Wisconsin scores 79 out of 100 on the PropertyIQ index as of February 2026.

That score is down from 93 in October and November 2025. The fourteen-point drop over four months is notable, but the underlying data tells a more nuanced story than the headline movement suggests.

PropertyIQ scores Green Bay a 79 out of 100 as of February 28, 2026. Scores are updated monthly using Zillow, Census, and Realtor.com data.

What Drove the Score Drop From 93 to 79

The twelve-month score trajectory for Green Bay: 81 in June 2024, rising to 94 by October-November 2025, then 88 in December, 90 in January 2026, and 79 in February 2026. The score has pulled back from its peak, but it is still above the 75 threshold and well above the national average.

The primary factor in the score decline is inventory: 650 active homes as of February 2026, up 79.81% year over year. Green Bay's available supply has nearly doubled in twelve months.

A doubling of inventory is a significant supply-side development. In a market that was running with extremely limited available homes throughout 2024 and early 2025, the inventory surge naturally pressures the score components that measure supply tightness. When more options are available, the urgency and velocity metrics that contribute to a 93 score relax.

The critical counterweight is that demand has not collapsed. The demand score is 88.96 as of February 2026. Despite the inventory correction, buyer activity remains strong in absolute terms.

Green Bay Wisconsin Housing Market: The Demand Data

The sale-to-list ratio is 100.24% as of November 2025. Buyers in Green Bay are paying above the asking price on average. That is not the behavior pattern of a softening market where inventory piles up and buyers extract discounts. It is a market where buyers are competing even as more supply becomes available.

The unemployment rate is 2.4% as of November 2025. Green Bay's labor market is among the tightest in the PropertyIQ dataset. At 2.4%, there is effectively full employment in the metro. Employed buyers with job security transact. The income floor supporting buyer qualification is stable.

The Zillow one-year price forecast is 5.3% as of December 2025. That is the highest forward forecast in this batch and reflects Zillow's model incorporating the employment, demographic, and demand signals that point toward continued appreciation.

The five-year appreciation rate is 44.21% as of February 2026. Green Bay has generated strong equity compounding over the past five years, outperforming many larger and more-discussed Midwest markets.

Green Bay Real Estate: Price and Valuation

The Zillow home value for Green Bay is $327,041 as of January 31, 2026. The median listing price is $427,450, a premium that reflects the current listing mix skewing toward larger and higher-end properties.

The overvaluation reading is 20.4% as of February 2026. Green Bay home prices are 20.4% above what local income fundamentals would precisely support. The calculated affordable home price is $291,423 based on the metro median household income of $77,459. The income required to buy at the median listing price is $113,615.

The income-to-buy ratio is 1.47. A household earning $36,000 above the metro median can reach the median listing price. That is a stretch, but not the severe disconnection visible in coastal lifestyle markets.

The year-over-year change in the Realtor.com listing price is -13.64% as of February 2026. This figure likely reflects the composition shift in the listing pool rather than actual price depreciation. When the listing mix shifts toward more midrange inventory (from a prior period when premium listings dominated), the median falls even if individual home values remain stable or rising. The Zillow home value, which tracks actual transactions across all price tiers, is more stable at $327,041.

The price per square foot is $215 as of February 2026.

Days on market is 55 as of February 2026. The price-cut rate is 9.01%. Both metrics are consistent with a competitive but not overheated market.

Green Bay Wisconsin Rent Data

The Zillow rent index for Green Bay is $1,099 per month as of December 2025. At a Zillow home value of $327,041, the gross rent multiplier is approximately 24.8.

A GRM of 24.8 is on the higher end for Midwest markets. Green Bay's investment appeal is more oriented toward appreciation than immediate cash flow, which is consistent with the 44.21% five-year appreciation track record and the 5.3% forward forecast.

The income required to afford Green Bay rents without cost burden is approximately $43,942 per year, well below the $77,459 metro median income. Green Bay renters are generally not cost-burdened, which supports rental demand stability and lower turnover.

New construction sales were 26 units per month as of November 2025. Population is 329,375 as of 2023 Census data.

How Green Bay Compares to Other Wisconsin Markets

Madison, Wisconsin scores 70. Milwaukee scores 95. Green Bay at 79 sits between Madison and Milwaukee in the Wisconsin market hierarchy.

Milwaukee's 95 reflects a lower-priced market with stronger relative affordability. Madison's 70 reflects a university market with elevated pricing relative to its income base. Green Bay's 79 reflects a manufacturing and services economy with tight employment and a market that absorbed significant appreciation and is now processing the inventory correction from an extended tight-supply period.

Sioux Falls, South Dakota and Fargo, North Dakota are relevant comparison markets in the broader Upper Midwest region for investors evaluating northern Midwest exposure.

The Correction vs. Collapse Distinction

The fourteen-point score decline from 93 to 79 warrants context. Green Bay is not undergoing the kind of structural market deterioration visible in markets like Bend, Oregon (27) or Amarillo, Texas (19).

The signal at 79 is a market absorbing a supply correction after an extended period of constraint. The score went from 81 to 94 over roughly fifteen months and has given back fourteen points in four months. The underlying demand score of 89, the 100.24% sale-to-list ratio, the 2.4% unemployment rate, and the 5.3% forward forecast are not characteristics of a market losing structural support. They are characteristics of a market where the easiest gains have been made and the next phase requires buyers and sellers to find equilibrium at higher inventory levels.

For buyers who missed Green Bay at 93 and waited, the current 79 with elevated inventory may present the most accessible entry point in over a year.

PropertyIQ score as of February 28, 2026. Listing and inventory data as of February 1, 2026. Zillow home value data as of January 31, 2026. Sale-to-list data as of November 30, 2025. Forecast data as of December 2025. Census data as of 2023. Economic data as of November 2025. All data for informational purposes only.