As the summer months come to a close, let’s see how the real estate market has shaken out. In August 2021 there were 8,958 homes sold, which is a 6.3 percent decrease from what we saw in August 2020. Statewide listings were down 10.2 percent to 25,314 while the median single-family home price rose 6.4 percent to $250,000. Due to tight inventory homes continue to sell quickly. On average, homes are on the market for 65 days, which is 26.1 percent less time than August of 2020.
Though homes have been appreciating at a high rate over the last year, we are starting to see that rate dip a bit. In May and June of this year we saw an appreciation of over 14% while August only saw an appreciation of 6.4% compared to the previous year. According to Michael Theo, President & CEO, Wisconsin REALTORS® Association, the drop in home appreciation percentage “is welcome news since unsustainable price increases can reduce demand, keeping creditworthy buyers out of purchasing homes.”
Source data provided by the WRA
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