Despite a dip in home sales compared to January the year prior, home sales remain strong! In January 2022 there were 4,578 homes sold, which was a decrease of 4.2% compared to January 2021. Statewide listings were down 14.6% to 14,324 while the median single-family home price rose 10.0% to $231,000. Homes continue to sell quicker including this last January. On average, homes are on the market for 84 days, which is 6.7% less time than January of 2021.
Housing demand remains strong as we start 2022. According to Brad Lois, 2022 Chairman of the Board of Directors, Wisconsin REALTORS® Association, “with housing demand so strong and inventory so tight, this is the strongest seller’s market in years. With such limited supply, this is a great time to list your home.” We are also seeing mortgage rates continue to rise. In the last 12 months, the 30-year fixed mortgage rate increased by almost 0.75%.
Source data provided by the WRA
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