Wisconsin Housing Market Analysis - July 2024
The Wisconsin housing market in July 2024 presents a nuanced picture, reflecting both stability and shifts in various key metrics. Below is an in-depth analysis of the current trends and year-over-year (YoY) changes.
Median Sales and List Prices
The median sales price for homes in Wisconsin stands at $327,400, marking a slight decrease of 1.0% YoY. Conversely, the median list price has seen a modest increase of 0.5% YoY, now at $328,500. This divergence suggests a slight cooling in the market, where sellers may be adjusting their expectations to align more closely with buyer affordability.
Price Per Square Foot
The median price per square foot has risen significantly to $185, reflecting a 6.3% increase YoY. Similarly, the median list price per square foot has surged by 9.9% YoY, reaching $187. These increases indicate a robust demand for housing, particularly in terms of the value attributed to the space within homes.
Sales and Inventory
The number of homes sold in July 2024 is 6,488, showing a healthy increase of 5.8% YoY. However, pending sales have slightly decreased by 0.4% YoY, totaling 6,870. New listings have risen by 1.6% YoY to 7,241, while inventory has grown by 4.1% YoY, now at 14,663 homes. The months of supply remains unchanged at 2.3 months, indicating a balanced market where supply meets demand.
Market Dynamics
The median days on market have increased by 3.0% YoY, now averaging 43 days. This slight increase suggests that homes are taking marginally longer to sell compared to the previous year. The average sale to list ratio has decreased by 1.4% YoY, now at 100.8%, indicating that homes are selling closer to their list prices but with less frequency above the list price.
Price Adjustments and Market Activity
The percentage of homes sold above list price has dropped by 9.3% YoY, now at 46.9%. This decline suggests a shift towards more realistic pricing strategies by sellers. Additionally, the percentage of price drops has increased by 6.1% YoY, now at 21.7%, further indicating adjustments in seller expectations. The percentage of homes going off the market within two weeks has decreased by 5.7% YoY, now at 50.3%, reflecting a slight slowdown in the speed of transactions.
Conclusion
Overall, the Wisconsin housing market in July 2024 exhibits a blend of stability and adjustment. While median sales prices have slightly decreased, the increase in price per square foot and the number of homes sold indicate sustained demand. The rise in inventory and new listings, coupled with longer median days on market and increased price drops, suggest a market that is gradually balancing itself. Buyers and sellers alike should remain informed and adaptable to these evolving trends.
