Wisconsin median home prices increased 7.58 percent on a year-over-year basis, according to November figures from the Wisconsin REALTORS© Association. 2023 marked the 12th year in a row for year-over-year price gains.
In the local market, Northwestern Wisconsin home sales were strong for the majority of 2023. Based on the most recent data available, Barron County’s median home price was $285,100 on an annualized basis, an increase of 4.73 percent over the prior year. 2023 marks the 11th year in a row for year-over-year median home price gains in Barron County.
In Rusk County, the annualized median home price for 2023 was $187,000, a gain of 7.62 percent over the previous year. Historically, Rusk County sees greater price fluctuation due to its rural nature and lower transaction volumes. However, Rusk County has posted year-over-year median home price gains for six consecutive years as of 2023.
Still, the market was not a runaway train. Homes took longer to sell in 2023 than they did in 2022. About one-third of Northwestern Wisconsin home sellers made price adjustments to clinch a deal. Climbing interest rates kept some buyers sidelined altogether.
But during December, mortgage interest rates finally began to drop. As of December 28, the average rate on a 30-year, fixed rate mortgage was 6.61 percent. This is the lowest rate environment we have seen in recent months, and it should give 2024 home sales a good start!
Looking to buy or sell Northwestern Wisconsin real estate this year? You’ve come to the right place! Six Lakes Realty is a locally-owned family business with over 45 years of experience. Contact us today for friendly, hometown service!
Six Lakes Realty
Office: (715) 924-4806