New data from the Wisconsin Realtors Association (WRA) determined the state’s home closings jumped 9.2% in December – the strongest sales growth of any month since last May – while the median price rose 13% to $305,000, the strongest price appreciation of the year.
Total statewide listings of homes in December were 3.8% higher year-over-year, but new listings fell 3.7% over the same period. WRA added that December closings were 62% higher than new listings. The imbalance between strong demand and weak supply created a strong seller’s market with just 2.7 months of available supply, unchanged from December 2023 and well below the six-month benchmark.
WRA also highlighted that the state recorded a 4.7% year-over-year increase in home sales during 2024 while the median price rose 8.8% to $310,000.
“There is no doubt that Wisconsin’s housing affordability has been declining since mortgage rates bottomed out in 2020,” said WRA President and CEO Tom Larson. “However, the Midwest fortunately has higher affordability than all other regions of the country. This is primarily due to the Midwest’s lower housing prices, which averaged just under $305,000 in November. By comparison, National Association of Realtors’ data showed November prices 21% higher in the South, 60% higher in the Northeast, and 110% higher in the West.”
