Wisconsin Housing Market Strong Even As Inventories Are Tight

By: First Weber, Inc.
 
MADISON, Wis. - Aug. 6, 2021 - PRLog --
     
  • Both existing home sales and median prices rose by double-digit margins in May compared to their levels 12 months earlier, when the economy was in lockdown.
  • Demand conditions are very strong with the 30-year fixed-rate mortgage dipping to 2.96% in May.  The latest statewide employment data from April indicates a robust rebound from the depressed levels of April 2020, with 261,200 private sector nonfarm jobs added over the last 12 months.
  • Total statewide listings fell 26.2% to just 21,195 homes for sale in May.
  • Housing supply remains very tight with just 2.8 months of available supply in the state. Inventory is tight in all regions, across all urban/rural classifications and across all price ranges
  • Average days on the market dropped 24% to just 73 days statewide in May as competition for the limited supply intensified.
  • Housing affordability slipped 7.1% as median home prices surged 14.2% over the past 12 months to $245,500 in May 2021.  

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Contact
Lynn Schmitt
***@firstweber.com
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Tags:Home Buying
Industry:Real Estate
Location:Madison - Wisconsin - United States
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