Home Sales: Compared to November 2022, Wisconsin’s home sales fell 3.4% in November 2023. This is the second consecutive month with the annual sales reduction in single digits, reflecting a gradual decrease in the rate of decline.
Home Prices: The statewide median price has seen a similar pattern throughout 2023 with it sitting at $280,000 in November, a 7.7% increase from last year.
Mortgage Rates: The average 30-year fixed mortgage rate for November 2023 was 7.44%. Consistently strong home price appreciation along with higher mortgage rates have offset gains in family income over the past year. Total listings are now just 2.4% below their levels of November 2022.
Inventory: This November new listings grew by 7.2% compared to November 2022 which is the second consecutive month of growth in new listings. The market still sits in a seller’s market with just 3 months of available supply. However, this is still an improvement from last year when there were just 2.5 months of inventory.
Joe Horning, 2023 Chairman of the Board of Directors, Wisconsin REALTORS® Association had this to say about new listings
“We saw new listings increase at a 2% annual pace in October and they are up over 7% in November. Hopefully, this trend continues so we can move closer to a balanced market in 2024.”
Source data provided by the WRA
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