Wisconsin Housing Market Analysis - August 2024
The Wisconsin housing market in August 2024 presents a nuanced picture with varying trends across different metrics. The Median Sales Price for homes in the state stands at $327,800, reflecting a modest year-over-year (YoY) increase of 0.3%. Conversely, the Median List Price has seen a slight decline, down by 1.1% YoY to $321,500.
One notable trend is the significant rise in the median Price Per Square Foot, which has surged by 7.5% YoY to $185. Similarly, the Median List Price per square foot has increased by 10.2% YoY, reaching $188. These figures suggest a growing demand for smaller, more affordable housing options, as buyers are willing to pay more per square foot.
The number of Homes Sold in August 2024 was 6,625, marking a 2.2% decrease YoY. Pending Sales have also dropped by 5.5% YoY, totaling 6,737. New Listings have seen a decline as well, down by 5.8% YoY to 7,178. Despite these decreases, the inventory of available homes has risen by 3.1% YoY, now at 14,962 units. This increase in inventory has contributed to a 20% YoY rise in the Months of Supply, which now stands at 2.3 months.
The Median Days on Market for homes in Wisconsin is 46 days, a 4% increase YoY. This indicates that homes are taking slightly longer to sell compared to the previous year. The average sale to list ratio has decreased by 1% YoY, now at 100.3%, suggesting that homes are selling very close to their list prices. However, the percentage of Homes Sold above list price has dropped by 7.7% YoY to 43.3%, indicating a cooling in competitive bidding.
Price Drops have become more common, with 23.6% of listings experiencing a reduction in price, up by 4.7% YoY. Additionally, the percentage of homes going off the market within two weeks has decreased by 6.1% YoY, now at 48.5%. This further underscores a slowing market where homes are not selling as quickly as they did a year ago.
In summary, the Wisconsin housing market in August 2024 shows a mix of rising prices per square foot and increased inventory, coupled with a slowdown in sales and longer time on the market. These trends suggest a market in transition, with potential opportunities for both buyers and sellers depending on their specific circumstances.
