Wisconsin Housing Market: September 2024 Analysis
The Wisconsin housing market in September 2024 presents a complex landscape, characterized by fluctuations in pricing, sales activity, and inventory levels. The Median Sales Price for homes in the state stands at $316,300, reflecting a year-over-year decrease of 3.2%. This decline in sales price contrasts with the Median List Price, which is $318,200, showing a smaller decrease of 0.6% compared to the previous year.
Despite the drop in sales prices, the median Price Per Square Foot has increased by 5.9% year-over-year, reaching $183. Similarly, the Median List Price per square foot has risen by 8.4%, now at $185. These increases suggest a growing demand for smaller, more affordable homes, or possibly a shift in buyer preferences towards higher-quality properties.
Sales activity has experienced a downturn, with the number of Homes Sold decreasing by 7.7% year-over-year to 5,640 units. However, Pending Sales have increased by 6.5%, totaling 6,296, indicating potential future growth in closed transactions. New Listings have slightly decreased by 1.0% to 6,434, while inventory has risen by 5.2% to 15,269 homes, suggesting a more balanced market with increased options for buyers.
The Months of Supply, a critical indicator of market balance, has surged by 30.0% year-over-year to 2.7 months. This increase points to a shift towards a more buyer-friendly market, as more inventory becomes available relative to the pace of sales. The Median Days on Market have increased by 3.0% to 47 days, further indicating a cooling in market velocity.
The average sale to list ratio has slightly decreased by 1.1% to 99.8%, suggesting that homes are selling closer to their asking prices, albeit with less competition. The percentage of Homes Sold above list price has dropped significantly by 8.5% to 39.5%, reflecting a reduction in bidding wars and competitive offers.
Price Drops have become more common, with 24.1% of listings experiencing reductions, marking a 3.6% increase from the previous year. Additionally, the percentage of homes going off the market within two weeks has decreased by 4.5% to 46.1%, indicating a slower pace in buyer decision-making.
Overall, the Wisconsin housing market in September 2024 is characterized by a cooling in sales prices and activity, alongside an increase in inventory and supply. These trends suggest a shift towards a more balanced market, offering opportunities for both buyers and sellers to navigate the changing landscape effectively.
