Happy New Year! Before we project Northwestern Wisconsin market conditions for 2025, here’s a quick recap of 2024! Statewide, Wisconsin home sales had a median price of $310,000 as of November 2024, an increase of 8.7% from the prior year.
Closer to home, Barron County’s median home sale price in November was $294,000, and Rusk County’s median home sale price was $230,000. In the above examples, the annualized median sales prices for 2024 are likely to post new record highs. (December figures are still pending.)
As of December 26, mortgage interest rates averaged 6.85% for 30-year fixed Conventional loans. Comments by the Federal Reserve board show no promises of future rate cuts, due to the current focus on holding down inflation. Meanwhile, the rate cuts passed down during 2024 have shown few benefits to everyday people, due to a nervous bond market that has kept consumer loan rates elevated.
With all this in mind, there are two trends to watch going forward: home inventory and days-on-market. While home inventory improved during 2024, there are not enough properties for sale to meet demand, especially when it comes to affordable homes. As long as this remains the case, home prices will keep climbing in 2025. How much they climb depends on overall economic conditions.
Days-on-market show us the sense of urgency buyers have in the market. Near the end of 2024, Barron County homes spent about 62 days on the market before going under contract. Rusk County homes spent about 36 days on the market. This is relatively fast for this time of year, and it illustrates the home demand in Northwestern Wisconsin.
If you are a home buyer, be ready to hit the ground running in the New Year! The most desirable homes sell quickly, and some homes are selling for more than the asking price. However, there are sellers willing to make a deal for well-qualified, well-prepared home buyers!
If you are a home seller, the market is still in your favor! Listing your property in the early months of the year gives you excellent market exposure. Ask for your free Home Valuation to see what your property is worth today.
Six Lakes Realty is a locally owned family business with over 45 years of real estate experience. Contact us today for friendly, hometown service!
John Flor
Managing Broker
Six Lakes Realty
Office: (715) 924-4806
Email: john@sixlakesrealty.com