Northwestern Wisconsin real estate capped off the first quarter 2023 with higher home prices, induced by a lean supply of homes for sale. The number of homes for sale in Wisconsin was about 32% lower on a year-over-year basis, comparing April 2023 to April 2022. Median home prices statewide increased 6.79%
In the 18-county North Region of Wisconsin, the April median home price reached $230,000, an increase of $16,950 compared to April 2022. This year, there were 191 fewer North Region homes for sale during April.
Prices generally move higher as home inventories tighten. However, when home inventories and transaction volumes are low, a sale in a much higher or lower price range can have an outsized effect on statistics. Such is the case for Barron County, which saw a median home price of $217,500 in April, $32,500 lower than April 2022.
Rusk County’s median home price was $192,500 in April, with 12 sales completed for the month. This is the highest median on record for April sales for Rusk County.
Northwestern Wisconsin home buyers who have been waiting for the right home to come along should take another look! A batch of new listings hit the market during May, and we typically see more listings during June. But don’t take too long; homes are spending an average of 25 days on market before going under contract.
Ready to buy or sell a home in beautiful Northwestern Wisconsin? Call us for expert guidance! 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