(The Center Square) – There are some signs that it’s getting easier to buy a house in Wisconsin, but the latest Wisconsin Real Estate Association report says it’s not getting cheaper.
The Realtors released their home sales report for August, and it shows year-over-year sales increases and price increases.
“Existing home sales in August increased by a modest 1.8% relative to August 2024, and the statewide median price rose to $338,000 over that same period, which is an annualized 5.3% increase,” the report stated.
The report said 7,507 homes sold in August of this year, while there were 23,108 homes on the market. Both of those numbers are higher than a year ago.
Those extra homes are one of the bright spots, according to Realtors President Tom Larson.
“Improving inventory, moderating price appreciation and increasing days on the market are signs that the strong seller’s markets we’ve seen over the last few years continue to soften,” Larson said in a statement. “This is welcomed news for young families still struggling to buy their first home.”
While the report lists the median home price in Wisconsin in August as $338,000, local prices are different.
The Madison-area remains the most expensive area in Wisconsin. The median price in south central Wisconsin is $385,000. Milwaukee and the WOW counties are the second most expensive, with a median price of $353,000. But homes average a little more than $300,000 in northern Wisconsin, and just $265,000 in the central part of the state.
“The more densely populated metropolitan counties have just 3.6 months of supply. By comparison, the counties with smaller cities and towns had 4.3 months of supply, and rural counties had 5.7 months of supply in August,” Realtors board chairman Chris DeVincentis said. “Potential buyers will find better opportunities in those less urban markets.”
The Madison-area and southeast Wisconsin, however, accounted for 52% of home sales in August.
