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Still a Seller's Market: Latest Wisconsin housing report out

Posted at 8:18 PM, Dec 21, 2023
and last updated 2023-12-21 21:18:46-05
  • Wisconsin real estate remains a seller's market, according to the Wisconsin Realtors Association
  • The median home price in northeast Wisconsin in November was about $262,000, up by about 13% year-over-year, the WRA said
  • Average mortgage rates nationwide have fallen since last month, according to Freddie Mac

It remains a seller's market in Wisconsin real estate, according to the latest housing report from the Wisconsin Realtors Association, or WRA.
The median home price in northeast Wisconsin in November was about $262,000, according to the WRA.

That is down from the summer, a normal pattern, but up year-over year by about 13%, according to information from the WRA.

New listings increased on a year-over-year basis in both October and November, the WRA said.

"Hopefully, this trend continues so we can move closer to a balanced market in 2024," Joe Horning, the 2023 WRA chairman of the board, said of the increase in new listings.

The average mortgage rate nationwide is down to about 6.7%, compared to about 7.7% in early November, according to Freddie Mac.

Steven Woulf, a partner and one of the owners at mortgage broker Cornerstone Mortgage, said the falling mortgage rates are mostly impacting existing homeowners.

"We've had an influx of refinances already this week, so it's taking effect, and it's a good thing for consumers," Woulf said.

WRA President and CEO Michael Theo hopes to see mortgage rates continue to go down. High rates keep many first-time buyers out of the market and keep homeowners from selling if they have a low rate, Theo said.