Northwestern Wisconsin home prices remained on the upswing during the waning months of 2022. According to the Wisconsin Realtors ® Association, Barron County home sale prices posted year-over-year price gains from January through November. Steady buyer demand, combined with a low inventory of homes for sale, gave support to higher prices.
Rusk County median sales prices increased on a year-over-year basis for most of 2022, except during the months of February, May and October. Home sales activity is slightly lower than last year, but within the norms of the market.
Here’s a look at median home prices for the past few months:
- September median sales price: $223,500
- October median sales price: $229,775
- November median sales price: $258,400
- September median sales price: $211,000
- October median sales price: $120,000
- November median sales price: $170,000
The question going forward is how resilient Northwestern Wisconsin home buyers will be in the face of rising interest rates and a slowing economy. During 2022, mortgage interest rates have doubled from their 2021 averages, with rates hovering above 6% in recent weeks. Home buyers may be feeling cautious in this market, but properties that are priced right will continue to sell.
If you are thinking of buying or selling Northwestern Wisconsin real estate, ask us for a market consultation! There is no cost or obligation. Six Lakes Realty is a locally-owned family business with over 40 years of experience. Contact us today for friendly, hometown service!
Six Lakes Realty
Office: (715) 924-4806