Here is a quick overview of the statewide real estate statistics for the month of November, courtesy of the Wisconsin REALTORS® Association. Home sales dropped a considerable 31.7% compared to November 2021. This tops the largest decline of the year that we saw last month at 28%, but this is also due in part to 2021 being a record year for home sales, so it’s natural to see sales drop off in those circumstances. The median home price sat at $259,950, a $50 drop from October of this year but an overall increase of 8.3% over the previous 12 months. Prices are expected to stay around this range as the WRA estimates there is a 2.3 month supply of homes available on the market, which continues to put sellers at a strong advantage. The tightest inventories were seen in metropolitan counties with an average of 2.2 months of available supply, whereas rural counties had an average of 3.1 months of available inventory.
Home demand may be down now, but there’s hope that the demand will return once affordability improves. Michael Theo, President and CEO of the WRA says “There is still unmet housing demand by millennials who transitioned to owner-occupied housing later than earlier generations. Once mortgage rates begin falling and affordability improves, we expect millennial housing demand to strengthen.” If the current trend with rates continue, we should see both mortgage rates and the inflation rate decrease in 2023 which could continue to fuel the real estate market for the coming months.
Source data provided by the WRA
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