Wisconsin Real Estate Report – December 2022

January 30, 2023

Here is a quick overview of the statewide real estate statistics for the month of December, courtesy of the Wisconsin REALTORS® Association. December 2022 home sales saw a steep drop of 34.9% compared to December of 2021, but this percentage doesn’t tell the whole story. 2021 brought one of the most active real estate markets in recent history, so a drop-off was expected at some point as those numbers couldn’t be sustained forever. The median home price sat at an even $250,000, which is actually a drop in price compared to $259,950 in November. This is a sign that the decline in house affordability across the state has started to temper the demand of buyers, which in the long run could lead to affordability returning to a reasonable level. Despite this, inventory levels remained low with the WRA estimating there was a 1.9 months supply of homes available in December. Surprisingly, this number was almost the same as December of 2021 when it sat at a 2 months available supply. These numbers still signal a strong sellers’ market, which will continue until the supply reaches the balanced market number of 6 months of available supply.

Joe Horning, Chairman of the Board of Directors for the WRA explains that the decreasing demand pressures could provide an opportunity for buyers in a market that has been tailored to sellers for the past couple of years. He says “The slide in affordability is really slowing demand pressure, and hence the rate of home price appreciation. The 5.5% annual rate of increase we saw in December was the slowest appreciation rate all year, and this cooling of price growth can be good news for buyers looking for bargains during the slower winter months.” If the market does continue to shift away from a very strong sellers’ market, buyers could expect to be able to purchase a home closer to their asking price without having to worry about the extreme bidding wars from previous months.

Source data provided by the WRA

Curious about the value of your home?

Try out our Automatic Valuation Tool

You can get 3 instant home valuations just by entering your address at FirstWeber.com. Then, contact your agent to talk it over for their opinion.

Founded in 1971, First Weber Realtors® is a part of HomeServices of America, the nation’s largest provider of total home services. With 60 offices and more than 1,400 real estate professionals, First Weber is consistently number one in Wisconsin for unit sales and real estate sales volume. You can start searching for Wisconsin real estate and Wisconsin real estate agents at firstweber.com  

Subscribe via email for blog updates