Key points from the WRA on the Wisconsin Housing Report for December 2024.
Home Sales: December had a substantial spike in sales and a very strong price appreciation. The December growth in sales was stronger than any month since May 2024. A review of year-end data shows sales for all of 2024 were up 4.7% from their 2023 levels.
Home Prices: The median price for homes rose 13% this December to $305,000. A review of year-end data shows prices rose 8.8% all of 2024.
Inventory: Strong demand and weak supply create for a strong seller’s market with just 2.7 months of available supply. This has remained unchanged from December last year. While this is still well below the six-month benchmark that indicates a balanced housing market, total statewide listings were 3.8% higher this December compared to December 2023.
Affordability: The average 30-year fixed mortgage rate was 6.72% in December, which is only slightly lower than the 6.82% average rate of December 2023. High mortgage rates, robust appreciation of median home prices, and relatively flat median family income levels led to a 10% decline in statewide housing affordability over the last 12 months.
Chris DeVincentis, 2025 Chair of the Board of Directors, Wisconsin REALTORS® Association had this to say about off-season strategy:
“We saw the strongest December sales since 2021 even as affordability fell over that period. This good sign indicates that buyers who work with a REALTOR® during winter may find opportunities that would be unavailable during the peak season. Sellers in the winter are often highly motivated to sell and likely open to price concessions compared to peak months.”
Source data provided by the WRA
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