The Wisconsin housing market in February 2025 presents a complex landscape with varying trends across different metrics. The Median Sales Price has increased to $310,200, reflecting a year-over-year (YoY) growth of 2.5%. This upward trend in sales prices is accompanied by a rise in the Median List Price, which now stands at $336,100, marking a 3.9% increase YoY. These figures suggest a steady appreciation in home values within the state.

In terms of Price Per Square Foot, the median price has risen to $184, representing a significant 7.0% increase YoY. Similarly, the Median List Price per square foot has climbed to $192, up by 6.1% YoY. These increases indicate a robust demand for housing, with buyers willing to pay more per square foot compared to the previous year.

Despite the rising prices, the number of Homes Sold has seen a modest increase of 1.2% YoY, totaling 3,553 units. However, Pending Sales have decreased by 5.8% YoY, suggesting a potential slowdown in future transactions. New Listings have also dropped significantly by 12.6% YoY, with only 4,347 new properties entering the market. This decline in New Listings contributes to the tightening inventory, which has decreased slightly by 0.8% YoY to 11,095 units.

The Months of Supply, a critical indicator of market balance, has decreased by 10.0% YoY to 3.10 months. This reduction suggests a shift towards a seller's market, where demand outpaces supply. The Median Days on Market have increased by 2.0% YoY to 61 days, indicating that homes are taking slightly longer to sell compared to last year.

The average sale to list ratio remains relatively stable at 98.8%, with a minor decrease of 0.1% YoY. The percentage of Homes Sold above list price has declined by 1.5% YoY to 33.3%, reflecting a slight cooling in competitive bidding. Meanwhile, Price Drops have increased by 1.3% YoY to 13.2%, suggesting that some sellers are adjusting their expectations in response to market conditions.

Lastly, the percentage of homes going off the market within two weeks has decreased by 4.1% YoY to 44.2%. This decline indicates a slower pace in the market, as fewer homes are being snapped up quickly compared to the previous year.

Overall, the Wisconsin housing market in February 2025 is characterized by rising prices and a tightening supply, with some indicators pointing towards a potential cooling in buyer activity. As the market continues to evolve, stakeholders will need to monitor these trends closely to make informed decisions.