Wisconsin Housing Market Update: October 2024 Report Reveals Mixed Signals
MADISON, WI – The latest housing report from the Wisconsin Realtor’s Association indicates a rise in statewide median home prices, pegged at $310,000 this October—a $30,000 increase from the previous year. Although this figure marks a decrease from June’s record-high of $325,000, the overall sales have seen a 4.1% uptick in the first ten months of 2024 compared to the same period last year.
In Northeast Wisconsin, the median home price rose to $290,000, up $23,000. David Clark, co-author of the report, commented on the current market dynamics, emphasizing that strong demand, particularly from Millennials entering the market, is contributing to the trend of rising prices despite tight inventory. Nationwide, the housing market has exhibited its first growth in over three years, signaling a shift in buyer sentiment.
Interestingly, more opportunities have emerged for buyers in Northeast Wisconsin, as the number of available homes has increased compared to last year. This improvement has led to a more favorable environment for buyers, with fewer competing offers on homes. As noted by the COO of Berkshire Hathaway Homeservices Water City Realty in Oshkosh, potential homeowners are now facing one or two offers rather than the five to ten offers typical of previous months.
However, the market remains competitive, as exemplified by local buyers Jonah Kraemer and Courtney Koci, who reported viewing an average of ten homes weekly before successfully securing a property in Oshkosh, which was named the top housing market in the U.S. in July.
As we move past the election season, Clark suggests that home prices and inventory levels may stabilize, given historical sales patterns typically experience a decline during December and January.
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Photo credit fox11online.com
