Let’s take a look at how the real estate market has shaken up as we enter the fourth quarter of the year! In September 2021 there were 8,470 homes sold, which was a decrease of 8.6% compared to September 2020. Statewide listings were down 9.5% to 24,893 while the median single-family home price rose 6.6% to $245,000. Homes continue to sell quicker including this last September. On average, homes are on the market for 66 days, which is 23.3% less time than September of 2020.
2021 saw a strong first half in terms of home sales but has slowed down in recent months. Even with the slowdown, 2021 is still 1.5% ahead of the pace of sales compared to the same time period last year. The increase in home prices over the last year may have some potential buyers concerned, but here’s what Michael Theo, President & CEO, Wisconsin REALTORS® Association, has to say about home affordability; “Although mortgage rates are still quite favorable, the steep price increases over the past year have likely moderated demand, and as a result, some of the pressure on home prices. This moderation should help keep Wisconsin housing relatively affordable for potential buyers.”
Source data provided by the WRA
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