Wisconsin Real Estate Report – March 2024

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

Home Sales: Home sales rose 3.2% compared to last year’s March. Both existing home sales and median prices increased by solid margins compared to a year earlier reflecting robust demand conditions even as supply remains tight. 

Home Prices: The median home price rose to $299,900, a 10.1% increase compared to March 2023. The higher prices continue to hurt affordability. 

Mortgage Rates: Mortgage rates have risen throughout the first quarter putting the average 30-year fixed mortgage at 6.82% this March. With the increase in mortgage rates combined with higher median prices, statewide affordability is down by just over 10%.

Inventory: Supply conditions still remain tight, with just 2.9 months of available supply in March. While this is well below the six-month benchmark that signals a balanced market, months of inventory improved in every region of the state due in part to more listings.

Mary Jo Bowe, 2024 Chair of the Board of Directors, Wisconsin REALTORS® Association had this to say about improvements seen in listings

“Total listings have been improving since October, and they’ve been up by double-digit margins on a year-over-year basis for the last two months. This has helped push first-quarter sales up for the first time since 2021. Hopefully this trend continues as we move into the all-important summer sales period.”

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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