Northwestern Wisconsin home buyers were active in the market during September, giving Barron County a new record median home sale price of $277,500. This is the highest median home sale price for any September on record. It is only $500 less than the August median home price of $278,000, which was a record for that month.
The pace of home sales picked up as well. During September, Barron County homes spent an average of 44 days on the market before going under contract. Home buyers may have felt a sense of urgency due to a decline in the number of homes for sale, which fell by 5.5% from August.
Rusk County’s median home sale price was $210,000 in September, just shy of the $211,000 posted during September 2022. Homes spent an average of 57 days on the market. The inventory of homes for sale in Rusk County increased slightly, gaining 1.4% over August, but inventory remains below normal.
Home inventory continues to be lean throughout Wisconsin. Statewide, there were only 18,275 home listings active in September. The Wisconsin REALTORS© Association estimates that we would need a 77% increase in home listings just to get back to normal. If you are thinking of selling, the market is still in your favor!
However, mortgage interest rates are pressing towards 8% for a 30-year, fixed-rate mortgage. Buyers have proven resilient so far, and a lack of inventory has kept them motivated. But higher-priced homes could see a shrinking pool of qualified buyers if rates continue to rise. Sellers should be patient and willing to negotiate.
Ready to sell a Northwestern Wisconsin home? You’ve come to the right place! Get your free home valuation report and see what your property is worth today. Ready to buy? Ask us about mortgage lender referrals, and the newest listings! Six Lakes Realty is a locally-owned family business with over 45 years of experience. Contact us today for friendly, hometown service!
John Flor
Managing Broker
Six Lakes Realty
Office: (715) 924-4806
Email: john@sixlakesrealty.com