Wisconsin recorded a bumper crop of new home listings last month with a 20.9% year-over-year spike, according to data from the Wisconsin Realtors Association (WRA). Total listings increased 7.5% in the state year-over-year, which was credited for the 3.1% annual uptick in home sales.
Also on the rise was the statewide median price – $275,000 in February, up 5.7% from one year earlier. to $275,000 over the last 12 months.
However, the WRA defined the current environment as a seller’s market with only 2.7 months of available supply in February – and while this is better than the 2.1 months recorded in February 2023, it is still below the six-month benchmark. And affordable homes listed under $125,000 had 2.4 months of supply in February, while there were approximately two months of supply for those listings between $125,000 and just under $350,000. Higher-priced listings were more plentiful – homes priced between $350,000 and just under $500,000 had 3.1 months of supply, and those at or above $500,000 had 4.8 months of supply.
“It’s great to see the recent upward spike in new listings, and this has no doubt helped to moderate our home price increases,” said WRA President and CEO Tom Larson. “The real problem for first-time buyers is that mortgage rates have been slow to come down after peaking at nearly 8% last fall. Hopefully we’ll see some improvement in rates, which will help millennials still looking to buy homes.”
Illustration: Peter Fitzgerald / Shaundd / Wikimedia Commons
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