Here is a quick overview of the statewide real estate statistics for the month of January, courtesy of the Wisconsin REALTORS® Association. Wisconsin homes saw a drop of 33.8% in January 2023 compared to January 2022. This was due mostly in part to low inventory across the state and higher mortgage rates compared to 2022. The median home price increased to $250,000 which is an 8.5% increase from $231,000 at the same time last year. The increase in median home prices had an effect on affordability with the average buyer being able to finance 150% of the median home price, which is $375,000, compared to $443,520 in January of 2022. Inventory levels still remain low, with the number remaining unchanged from January 2022 at 1.9 months of available supply. These low numbers indicate that Wisconsin is still in a very strong sellers’ market, as a 6-month supply would indicate a balanced market.
Joe Horning, 2023 Chairman of the Board of Directors for the Wisconsin REALTORS® Association had this to say about inventory and mortgage rates “In late October, 30-year fixed mortgage rates hit a weekly average of just over 7%, so it’s good to see them start coming down. However, we will need to see both lower mortgage rates and lower price pressure before there is appreciable improvement in housing affordability in the state.” While inventory has remained low, it’s good to see that mortgage rates started to come down compared to the peak of 7%. These changes won’t occur quickly, but anything can happen throughout the rest of 2023.
Source data provided by the WRA
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