Wisconsin Real Estate Report – December 2023

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

Home Sales: While the limited supply of homes on the market kept December sales down 6.2% compared to December 2022, fourth quarter sales performed better than the first three quarters of the year. The total existing home sales for this year were still 17.5% lower than sales in 2022. 

Home Prices: The median home price in December was pushed up to $271,000 which is an increase of 8% relative to December 2022. This is due to the weak inventory levels we have been seeing throughout the state. The median price for all of 2023 was 7.5% higher than the median price for 2022. 

Mortgage Rates: Mortgage rates have now seen improvement for the second straight month with the average 30-year fixed-rate mortgage at 6.82% in December. The December 2023 rate was about a half percent higher than the rate in December 2022. 

Inventory: The market continues to show a seller’s advantage with just 2.5 months of supply in December. However, months of available supply did improve by 25% over the last 12 months. New listings in Wisconsin rose 6.3% in December compared to the same time in 2022. 

Mary Jo Bowe, 2024 Chair of the Board of Directors, Wisconsin REALTORS® Association had this to say about opportunities for buyers in the winter: 

“For the third straight month, new listings have increased year over year, and now total listings
are also up slightly. Although this is still a strong seller’s market, there are opportunities for
buyers during the winter season since there is less competition, and sellers who list their homes
during the winter are often more highly motivated to sell.”

Source data provided by the WRA 

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