Wisconsin Housing Market: Stability Amidst Shifting Dynamics
The Wisconsin housing market in November 2024 presents a stable yet evolving landscape, characterized by a mix of steady prices and shifting sales dynamics. The Median Sales Price remains unchanged year-over-year at $317,300, indicating a stabilization in home values. However, the Median List Price has decreased by 1.6% to $301,100, suggesting a slight softening in seller expectations.
Despite the stable sales prices, the market shows significant activity in terms of sales volume. Homes Sold have increased by 1.6% year-over-year, reaching a total of 5,312 units. This uptick in sales is complemented by a notable 6.9% rise in Pending Sales, indicating strong buyer interest and potential future growth in closed transactions.
Conversely, New Listings have declined by 8.1% compared to the previous year, totaling 4,040. This reduction in new inventory could contribute to the competitive nature of the market, as evidenced by the 5.7% increase in overall inventory, now at 13,445 homes. The Months of Supply have also risen by 10% to 2.5 months, suggesting a slight easing in market tightness but still favoring sellers.
The median Price Per Square Foot has surged by 8.9% to $180, reflecting increased demand for space and possibly higher construction costs. Similarly, the Median List Price per square foot has risen by 6.9%, aligning with the overall trend of appreciating property values on a per-square-foot basis.
Market competitiveness is further highlighted by the average sale to list ratio, which stands at 99.2%, a slight decrease of 0.3% from last year. The percentage of Homes Sold above list price has dropped by 3.3% to 35.5%, indicating a moderation in bidding wars. Additionally, the percentage of Price Drops has increased slightly by 0.8% to 20.3%, suggesting some sellers are adjusting their expectations to align with market conditions.
The Median Days on Market have increased by 4% to 50 days, reflecting a slightly slower pace in the selling process. Moreover, the percentage of homes going off the market within two weeks has decreased by 4.7% to 37.4%, indicating a more measured approach by buyers.
Overall, the Wisconsin housing market in November 2024 is characterized by stable pricing, increased sales activity, and a moderate level of competitiveness. While some indicators suggest a cooling from the frenzied pace of previous years, the market remains robust with strong buyer interest and a balanced supply-demand dynamic.
