Wisconsin Real Estate Report – October 2023

Key points from the WRA on the Wisconsin Housing Report for October 2023. 

Home Sales: Existing home sales fell by just 7.2% in October 2023 compared to last October. This is the first time since August 2022 that the annualized decline in sales has been in the single digits.

Home Prices: The median home price for October 2023 was $280,000 which was a 7.7% increase from October 2022.

Mortgage Rates: Mortgage rates averaged 7.62% in October, up slightly from September, which sat at 7.20%, and October 2022, when they were 6.90%. With mortgage rates continuing to rise, the demand pressure softens slightly as we move into the off-peak housing market.

Inventory: We stay in a strong seller’s market with just 3.3 months of supply, well short of the benchmark of six months which signals a balanced market. There has been a continued improvement in supply compared to last October with just 2.7 months.

Michael Theo, The President & CEO of the Wisconsin REALTORS® Association has this to say about opportunities in off-peak season: 

“This is still a challenging market for buyers, but at least we are seeing some slight improvement on the supply side. This is a good time for buyers to remain engaged with their REALTOR®. Price pressure typically softens a bit in the off-peak season because there are typically fewer competitors during the late fall and winter months.” 

Source data provided by the WRA 

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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  

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