Wisconsin Real Estate Report – May 2024

Key points from the WRA on the Wisconsin Housing Report for May 2024.

Home Sales: May marks the beginning of the traditional peak season for home sales with this year’s sales rising 11% compared to May 2023. Regionally, home sales rose by double-digit margins in all but one area with the strongest growth seen in the West region of the state. 

Home Prices: The median single-family home price rose to $315,000 in May 2024, a 6.9% increase compared to last year.

Inventory: Improved inventories have helped boost sales statewide. New listings have gone up 4.7% compared to May of 2023 and total listings have risen 5.4% over that same period. 

Affordability: The average 30-year fixed-rate mortgage hit 7.06% this May, causing affordability to drop to an all-time low. 

Mary Jo Bowe, 2024 Chair of the Board of Directors, Wisconsin REALTORS® Association had this to say about mortgage rates and rising home sales:

“While there are certainly some headwinds in this market with average mortgage rates topping 7% in May, it is good to see ongoing sales growth as we enter the peak season for home sales.”

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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