Here’s how the real estate market shook out in May 2022! Statewide listings were down 15.0% to 19,488 while the median single-family home price rose 11.8% to $275,000. In May 2022 there were 7,222 homes sold, which was a decrease of 5.6% compared to May 2021. Homes continue to sell quicker including this last May. On average, homes are on the market for 63 days, which is 13.7% less time than May of 2021.
Affordability has become more challenging as mortgage rates and home prices increase. Even though mortgage rates and home prices are trending upwards, “eventually demand pressure will moderate, and this will reduce the seller’s advantage in the market” according to Michael Theo, President & CEO of Wisconsin REALTORS® Association.
Source data provided by the WRA
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