(The Center Square) – Last year turned out to be another home seller’s year in Wisconsin.
The latest report from the Wisconsin Realtors Association showed people selling homes were able to get top dollar once again.
“A review of year-end data shows sales for all of 2024 were up 4.7% from their 2023 levels, and the median price rose 8.8% to $310,000,” the report stated.
The report also looked at December’s numbers specifically.
“The existing home market heated up in December with a substantial spike in sales and very strong price appreciation. December home closings jumped 9.2% compared to their levels 12 months earlier, and the median price rose 13% to $305,000,” the report added. “December growth in sales was stronger than any month since May 2024, and the median price appreciation in December was the strongest of the year.”
Realtors CEO Tom Larson said while Wisconsin’s home prices are rising, prices are not rising as quickly, or as steeply, as in other parts of the country.
“There is no doubt that Wisconsin’s housing affordability has been declining since mortgage rates bottomed out in 2020. 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,” Larson explained. “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.”
The statewide median home price for December hit $305,000, but the Madison and Milwaukee areas continue to be more expensive than that.
The report showed the median December price in south central Wisconsin, aka the Madison area, was $340,000. While the median December price in southeast Wisconsin was nearly $320,000.
The report also noted that most of the 67,000-plus homes sold in Wisconsin either sold for between $200,000 and $350,000, or for more than $350,000.
The report said there continues to be an affordability problem in Wisconsin.
“Strong demand and weak supply created a strong seller’s market with just 2.7 months of available supply, which is unchanged from December 2023. This is well below the six-month benchmark that indicates a balanced housing market,” the report stated. “Persistently high mortgage rates, robust appreciation of median home prices, and relatively flat levels of median family income led to a 10% decline in statewide housing affordability over the last 12 months.”
