Here is a quick overview of the statewide real estate statistics for the month of September, courtesy of the Wisconsin REALTORS® Association. Home sales continued to slip due in part to rising mortgage rates and increasing average home prices. This year, September closings were down 14.7% compared to September 2021 when the market was still hot. The median home price also jumped 10% compared to last year and now sits at $270,000. Total statewide listings also dropped 25% down to 18,652 from 24,876. This has caused a continued shortage in inventory with some areas even seeing numbers as low as 2.4 months of available inventory on the market.
All of these factors put together have caused a reasonable decrease in demand, but Chairman of the Board of Directors for the WRA Brad Lois says the demand is still stronger than supply. He says, “Even though declining affordability translates into fewer potential buyers, there remains considerable unmet demand among millennials. That demand outstrips the available supply in the market, which is why inventory continues to shrink.” This means that while demand may be lower than what we saw in the year prior, most areas will continue to see a seller’s market for the months to come.
Source data provided by the WRA
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