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(The Center Square) – Home prices in Wisconsin continue to rise.
The Wisconsin Association of Realtors’ latest report on April home sales figures shows the median home price rose again last month.
“A comparison of April home prices in Wisconsin shows that median prices have increased just over 40% since the pandemic hit in 2020,” WRA consultant David Clark said in the report. “Much of that increase took place between 2020 and 2022, when median prices increased by almost 25% in total. By contrast, the last two years have seen 12-month home price increases of just 5%. .4% in April 2023, and only 6.4% in April 2024.”
The median home price in Wisconsin is now $300,000. That’s $100 more than April’s report on March sales figures.
The higher prices, real estate agents say, are a reflection of both higher interest rates and a lack of homes for sale.
“We have a way to go before the market balances out, but at least it’s moving in the right direction,” added Realtors Board President Mary Jo Bowe. “The growth trend in listings has really helped our sales this year and bodes well for strong growth this summer.”
The report said there were 17,203 homes listed for sale in April, which is about 6% more than April of last year. Of those, the report said 5,532 homes were actually sold.
There is more inventory in Wisconsin. According to real estate agents, there are just over three months of homes on the market, up from just under three months in April of last year.
South central Wisconsin, the Madison area, continues to have the most expensive median home price, $375,000. Last month, that average price was $354,900.
Southeastern Wisconsin follows with a median price in April this year of $315,000, up from $300,000 in March.
But the strongest sales numbers are in other parts of the state.
The report said: “The strongest growth occurred in the most rural regions: the Central region increased by 43.5%, the Western region by 40.4% and the Northern region by 37.9%. The most urbanized regions also grew at a healthy pace. The Northeast and South Central regions increased by 25% to 29% over the past year, and the Southeast region increased by 16%.”
The association’s executive director said home sales are strong, despite high prices and high interest rates, because buyers remain interested in purchasing a home.
“There are significant unmet housing needs for millennial buyers, the oldest of whom are now in their early 40s,” Realtors President and CEO Tom Larson said in the report. “Although average monthly mortgage rates have increased throughout 2024, millennials remain committed to homeownership, which is a big reason why home sales have rebounded this year.”
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