Northwestern Wisconsin home listings are budding up as sellers look for advantages in the busy spring market. Preliminary market data for Barron County shows that March 2022 listings were up by 16.5% compared to February 2022. In neighboring Rusk County, March listing activity is up 22.5% compared to the prior month.
This isn’t a windfall for home buyers, as February listings were below the norm. Barron County saw 33 home sales during February 2022, with a median home sale price of $205,000. This is the highest Barron County median home price for any February on record. Homes have been selling between 30 and 90 days on market, on average.
Rusk County had just 4 property sales during February 2022, with a median sale price of $87,500. On average, homes have been selling between 30 and 90 days on market.
The big question is how rising interest rates will impact Northwestern WI home sales. Over the last 3 months, mortgage interest rates have moved from the mid-3% range to about 5% for a Conventional, 30-year fixed-rate mortgage.
Higher mortgage interest rates won’t discourage all-cash buyers, or buyers who have large down payments due to the sale of a prior home. For everyone else, there is a sense of urgency; higher rates mean less purchase power. Sellers remain in the driver’s seat for now, but should prepare for changing conditions in the weeks ahead.
If you want to sell your Northwestern Wisconsin home, don’t wait to get started! Call us for your home value consultation. We’ll also show you how to get the best possible sales price!
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