The median home sale price in Wisconsin has reached $327,000, reflecting an 8.8% year-over-year increase. Homes are still selling quickly, with an average of 43 days on the market, which suggests high demand in the real estate market. This is further reinforced by a 6.6% increase in home sales, with 6,532 homes sold in July 2024 compared to 6,130 last year. These figures indicate a competitive housing market, favoring sellers.
Inventory has risen by 6.5%, giving buyers more options. However, the supply remains tight, averaging around 2 months, which leans towards a seller’s market. Mortgage rates are around 6%, giving buyers somewhat more purchasing power, though prices are still on the rise.
With Wisconsin’s strong job market and an unemployment rate of 3%, the housing market is unlikely to experience a crash soon. Wisconsin’s balanced economy, affordable cost of living, and steady population growth continue to support the real estate market’s strength .
If you’re considering buying or selling in areas like Caledonia or Beaver Dam, it’s a good time to stay informed as the market is expected to favor buyers slightly towards the end of 2024.
Nkozi Knight 