Northwestern Wisconsin real estate bloomed early this spring, with more listings, more sales transactions and higher home prices than a year ago. Here’s the latest data from the Wisconsin REALTORS© Association, along with our insights!
During March 2024, the median sales price of a Wisconsin home was $299,500. This is a 9% increase from March 2023. On the plus side for home buyers, new listings were up by 4% compared to the same month last year.
Barron County’s median home price was $260,000 during March 2024, an increase of over 11% from March 2023. An increase in new listings allowed home sale transaction volume to nearly double from a year ago.
Rusk County’s median home price was $275,000 during March 2024, an increase of about 9% from a year ago. Transaction volume was about the same as last year.
Looking at early data for April 2024, Barron County listings increased 5% from the prior month, giving home buyers more to choose from. Homes spent an average of 60 days on market before going under contract. About 58% of all listings sold for the list price or higher.
During April, Rusk County listings increased 3.3% from the prior month. Rusk County homes averaged about 70 days on market before going under contract. Most homes sold for less than the asking price.
Rounding the curve into May, we are seeing another uptick in new listings, which is good news for home buyers! Yet home inventory levels remain below demand, which has allowed prices to keep rising. However, mortgage interest rates have crept above 7% for 30-year, fixed-rate mortgages. This may affect home buyer enthusiasm, and home sellers should avoid over-pricing their properties.
When you are buying or selling Northwestern Wisconsin real estate, turn to the local experts! 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
Email: john@sixlakesrealty.com