As we move through 2022, mortgage rates have risen while inventory remains low compared to March of 2021. Statewide listings were down 16.2% to 15,650 while the median single-family home price rose 10.2% to $253,500. In March 2022 there were 5,641 homes sold, which was a decrease of 7.0% compared to March 2021. Homes continue to sell quicker including this last March. On average, homes are on the market for 79 days, which is 11.2% less time than March of 2021.
Housing affordability has seen a reduction due to rising home prices and the increase in mortgage rates. According to Michael Theo, President & CEO, Wisconsin REALTORS® Association, “Weak supply and strong demand have pushed prices up by around 10% on an annual basis, and with mortgage rates now going up more quickly, housing affordability is starting to suffer.”
Source data provided by the WRA
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