NewsLocal NewsIn Your NeighborhoodGreen Bay

Actions

'It feels like you're in a war,' Prices, and demands impacting families looking to buy a home

Data shows mortgage rates have jumped 10.1% statewide since last year
Posted at 6:50 PM, Apr 26, 2024

GREEN BAY (NBC26) — Buying a home in Northeast Wisconsin is getting more expensive. Why some are still trying to settle in Green Bay.

  • In March 2024, 870 homes were sold (808 in March 2023) which is roughly a 7.7% increase.
  • Media home price range in Northeast Wisconsin: $270,000 ($250,000 in March 2023)
  • Wisconsin mortgage rate: 6.82% (10% increase from March 2023).

(The following is a transcription of the full broadcast story)

The Wisconsin Realtors Association says the median home price in the state jumped 10% from last year.

"I have clients coming from California, from New York, from LA, from Chicago, from Milwaukee, and even overseas."

Realtor Zaid Jazrawi told me new developments in the area and strong schools are drawing families and jacking up prices.

"All of those things play a factor which is what I think makes us unique versus other markets," Jazrawi said.

Rickus Jacobs entered the battle earlier this year.

"It feels like you're in a war," Jacobs said.

Rickus and his wife Anna, along with their young son Ruan, are heading up North.

I spoke with him over Zoom as he handles his move from Milwaukee to Green Bay

"There wasn't much time to sit on it and think because you sit on it and sit on it and think, gone," Jacobs said.

Jacobs said it took a while before landing on a place.

The Wisconsin Realtors Association says 870 homes sold in the region by the end of March a 7% increase from last year.

The average home in northeast Wisconsin sold at $270,000 last quarter, $20,000 more than last year.

High prices amid rising interest rates have hurt affordability for many, but the growth and surging demand have Jazrawi moving on from just sales.

"Which is why I've chosen to build homes, get into home building," Jazrawi said.

Some additional tips that Jazwari recommends to home buyers building your credit score and not being afraid to start small and look for a bigger space in the future.