Six Lakes Realty

Northwestern WI Home Prices Start to Cool

Northwestern Wisconsin home prices

Like our weather this season, Northwestern Wisconsin real estate activity is gradually cooling. High interest rates and limited home inventory have thinned the ranks of home buyers, who are seeing mortgage rates above 7%. This is the highest rate threshold since 2001, and it is beginning to affect the pace of home sales, and the price of homes as well.  

Yet this is not a buyer’s market; home prices were still strong through most of summer. Statewide, Wisconsin’s median home price has exceeded $300,000 for two months in a row as of July 2023. In Barron County, the median home price for July was $247,450. This is just $10k lower than July 2022’s record-setting median price.

In Rusk County, the median home price reached $182,500 for July, falling short of July 2022’s record of $210,000, but still higher than historical averages for the month.

The pace of home sales eased a bit this summer. Barron County homes spent an average of 51 days on the market before going under contract in July. In Rusk County, homes spent about 36 days on the market. In both counties, sellers adjusted their price, or their terms, in roughly half of the transactions. Some properties are selling for more than the asking price, though this is becoming less frequent.

As we head into the final months of the year, Northwestern Wisconsin sellers should not wait to get their properties to market. Any further hikes in interest rates may impact buyer motivation and purchase power.

For home buyers, waiting for lower rates may not pay off. When rates drop, more buyers will rush back to the market. Unless home inventory catches up, home prices will keep moving higher. You can refinance a mortgage, but there’s little you can do about real estate prices!

Whether you are buying or selling a Northwestern Wisconsin home, good planning is essential. We’re here to help you! 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

Search Homes in Chetek

Like Us on Facebook

Follow Us on Twitter

Contact Us