City of Bayfield Real Estate Market Update

Bayfield has recorded two closed home sales in 2026, against three in 2025. It's a small sample on both sides — but the two years read differently even before the averages come into play.

- Median sold price: $325K in 2026, down 16% from $385K in 2025

- Median days on market: 48.5 in 2026, up sharply from 5 days in 2025

- Average list-to-sale ratio: 102.9% in 2026, up slightly from 101.3% in 2025

Prices are down modestly year-over-year and homes are taking considerably longer to close. But one figure moved the other direction: the list-to-sale ratio actually ticked up, meaning the homes that did sell in 2026 closed slightly closer to — or above — their asking price than 2025's did. Fewer sales, slower pace, but not weaker pricing power.

TWO HOMES, TWO OUTCOMES

Averaging a slow sale with a fast one produces a tidy number that describes neither transaction. Looking at each matched-window sale individually:

2025:

- 10 S 1st St — listed $399,000, sold $430,000, 5 days (closed over ask)

- 34 (#2) N 2nd St — listed $295,000, sold $295,000, 5 days (closed at ask)

- 3 S 3rd St — listed $399,900, sold $385,000, 53 days (closed under ask)

2026:

- 332 N 1st St — listed $275,000, sold $310,000, 4 days (closed over ask)

- 33 S 4th St — listed $365,000, sold $340,000, 93 days (closed under ask)

Priced right, a home in Bayfield can sell in four days, over ask; priced a little rich, and it can sit three months and still need a discount.

That pattern holds across both years: the fastest sales in each window (4–5 days) closed at or above asking, while the slowest sale in each window closed below it.

UNDER CONTRACT, AND ROUGHLY ON PACE

Two Bayfield listings are currently under contract. Applying the matched-window list-to-sale ratio to their asking prices gives a reasonable projection for where they'll land at closing.

- 17 S 8th St — asking $325,000 — projected close ~$331,000–$335,000

- 233 N 4th St — asking $329,000 — projected close ~$335,000–$339,000

Both are asking within the same $325K–$330K band where 2026's actual closed sales have landed — a likely reason both attracted accepted offers in the first place.

THE LISTING PRICED ABOVE THE CEILING

One Bayfield listing stands apart from everything else on the board. At roughly 3,150 square feet, it's the largest home in play, and its price reflects that — but it's asking well past anything the local market has actually paid for, in either matched window.

107 S 4th St is asking $649,000 — 51% above $430,000, the highest price any home has actually sold for in Bayfield's matched July-cutoff window across both years. It has already taken one price cut and logged 163 days on market, more than three times the 2026 average.

The per-square-foot rate isn't unusual — at roughly $206/SF, it sits comfortably inside the range this market has supported. The gap is in total dollars: a large home priced for a buyer budget Bayfield hasn't yet demonstrated it has, in a two-year sample of closed sales.

TAKEAWAY

The pattern underneath both years is the same one: pricing accuracy at listing, not market direction, is what separates a four-day sale over ask from a five-month sit.

2026 isn't showing a collapse in pricing power — the homes that sold, sold well. What's changed is pace, and the one listing testing the market's upper limit is doing so well outside the range Bayfield buyers have shown they'll pay. At least in the last two years.

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Figures reflect closed sales through July 31 in each respective year. 2026 totals will shift as more of the year's listings close.