Six Lakes Realty

Home Sales Slow Down, but Prices Rise in Northwestern Wisconsin

Northwestern WI home sales

A lack of homes for sale remains a problem throughout Wisconsin. According to the latest data from the Wisconsin REALTORS ® Association, home inventory was down by about 20% as of May 2023, compared to May 2022. Statewide, home prices increased 6.9% on a year-over-year basis.

Northwestern Wisconsin real estate trends are similar. Barron County home prices averaged $249,900 as of May, a jump of nearly 15% from a year ago. Rusk County prices have climbed higher as well, and overall home demand remains positive.

However, homes are starting to take longer to sell. In Barron County, homes averaged 90 days on market compared to 72 days a year ago. Statewide, homes took an average of 69 days to sell, an increase of 9.5% in market time. We can attribute some of this to higher mortgage interest rates, which are being felt by home buyers across the board.

The slowdown in the pace of sales has allowed buyers more time to view homes and make decisions. There are exceptions, though. A home in good condition in a desirable location, will sell fast when priced right!

We are also seeing a modest increase in home inventory, as sellers have a chance to search for a new home while putting their current property on the market. The slower pace also helps lenders, home appraisers and home inspectors avoid backlogs.

Altogether, it’s a good time to buy or sell a home in Northwestern Wisconsin! If you are curious about your home’s market value, contact us for your free market valuation! If you are a home buyer, we will be happy to tell you about new listings and refer you to local mortgage lenders.

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

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