Here is a quick overview of the statewide real estate statistics for the month of February, courtesy of the Wisconsin REALTORS® Association. Wisconsin homes continued to drop 28.1% in February 2023 compared to February 2022. The median home price rose to $262,500 which is a 11.7% increase from $235,000 at the same time last year. The combination of flat income levels, rapidly rising mortgage rates and strong price pressure pushed housing affordability down by 30.1%. The current market weakness is due to very low supply even as demand remains solid. The 30-year fixed mortgage rate has increased from an average of 3.76% in February 2022 to 6.3% in February 2023; this has forced some buyers out of the market. However, the buyers who do remain are highly motivated, which has kept price pressure high.
Joe Horning, 2023 Chairman of the Board of Directors for the Wisconsin REALTORS® Association had this to say about buyer interest given the current state of affordability and mortgage rates “home affordability in the state has certainly fallen as prices and mortgage rates have both increased. However, buyer interest remains high, especially among first-time buyers in the millennial and gen-Z generations. We’re still seeing multiple offers at or above asking price, and as a result, homes are moving quickly.”
Source data provided by the WRA
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