Key points from the WRA on the Wisconsin Housing Report for September 2024.
Home Sales: The existing home market saw 8.7% fewer sales in September 2024 than the same month last year. However, thanks to a strong start to the year, year-to-date home sales are up 3.8% compared to the first nine months of 2023.
Home Prices: The median home price for September 2024 was up to $310,000 which is a 6% increase from September 2023. There were few listings below $200,000 in September. Specifically, 18.2% of total listings were below that price point. In contrast, 31.4% of listings were in the $200,000 to $349,999 range and the remaining 50.4% of listings exceeded $350,00.
Inventory: There has been a slight improvement in inventory levels in September. Total listings increased to 20,862, a 6.1% increase from September 2023. The housing market still remains tight, with just 3.8 months of available supply causing us to still sit in a strong seller’s advantage.
Affordability: The trend of declining mortgage rates has improved affordability in the state. The average 30-year fixed mortgage rate fell to 6.18% in September. Overall, housing affordability improved 5.7% over the past 12 months.
Mary Jo Bower, Chair of the Board of Directors, Wisconsin REALTORS® Association had this to say about continued improvement on mortgage rates
“Mortgage rates are more than a percent lower compared to this time last year, and this is the fourth straight month they’ve fallen since averaging a little over 7% last May. This has really helped improve affordability in the state.”
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