Here is a quick overview of the statewide real estate statistics for the month of March, courtesy of the Wisconsin REALTORS® Association. Home sales fell 23.6% between March 2022 and March 2023. This is a consistent pattern seen in January and February.
The median home price rose to $272,500, a 6.9% increase from last year at this time, which sat at $253,500. The average monthly mortgage rate also increased to 6.54% in March 2023. Housing affordability is influenced by changes in income, home prices, and borrowing costs.
Inventory typically follows a regular seasonal pattern, with levels shrinking in the winter and then growing in the spring before peaking in the summer. Inventory levels were tight throughout the state with 13,342 units for sale. March inventory levels have been consistently ranging from 2.2 months to 2.5 months, translating to a very strong seller’s market.
Joe Horning, 2023 Chairman of the Board of Directors for the Wisconsin REALTORS® Association had this to say about millennial buyers “Millennials are typically first-time buyers. They have smaller down payments compared to repeat buyers who can use the proceeds of their previous home sale to increase their downpayment. This results in heavier reliance on mortgage financing by millennials, so the higher the mortgage rates the more quickly price them out of the market than other buyers.”
Source data provided by the WRA
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