Marquette, MI, Housing Market 2026 Forecast: Growth, Prices and Inventory Trends
The competitive housing market in Marquette, Michigan, is set to be an engine of growth for the state in 2026.
Marco Santarelli of Norada Real Estate Investments projects Marquette, as well as its southern Upper Peninsula neighbor Escanaba, among Michigan’s “hotspots” in 2026, with expected home value increases of 4.2% and 4.8%, respectively.
“These Upper Peninsula regions are showing significant strength,” Santarelli writes in his 2026 forecast. “People who love the outdoors, who want proximity to Lake Superior, and who no longer need to commute to the office are choosing the UP. This sustained interest drives value up.”
It didn’t look that way in January, when home sales fell 33.3% compared with the same month in 2025, according to real estate brokerage firm Redfin. The median sale price of $213,000 reflected a 37.2% year-over-year drop.
But those numbers require closer inspection.
In a city of about 22,000 residents, six houses were sold in January 2026, compared to nine in January 2025. Such a small transaction volume can distort the overall picture.
Zillow’s Home Value Index, for example, puts the average Marquette home value at $309,268, up 8.7% over the past year. And Redfin says the median sale price per square foot reached $187, a 3.3% year-over-year increase. Zillow set the median list price of homes for sale in Marquette at the end of January at $380,317, with 66 homes available.
Interest rates in 2026 are projected to stabilize in the 5.9% to 6.4% range, and inventory is expected to increase modestly but meaningfully, according to UP Home Inspection, marking an improvement from the tighter market conditions of the past few years.
Still, low inventory remains the defining challenge in Michigan’s and Marquette’s competitive housing markets, according to Norada’s Santarelli. Many homeowners with low, locked-in mortgage rates are choosing to stay put rather than sell and take on a new mortgage.
“This lack of movement severely limits the supply,” Santarelli writes, “which keeps a strong floor under prices, even if demand cools slightly.”
