Wisconsin Median Home Sale Price At Record High
According to statistics recently published by the Wisconsin Realtor's Association, the state's median home sale price was $203,000 in May, 2019. This is believed to be the first time that price has ever risen above $200,000 in the state Wisconsin. Of all 8,589 homes sold in Wisconsin in May, half cost more than $203,000 and half cost less.
Home sale prices have continued to rise throughout most of the state since 2012 and while across the nation sales are beginning to level out, Wisconsin remains a hot market. The housing supply is up 32.5% over this time last year, but inventory is still low. Particularly in and around more urban markets where wages are rising. The median sales price in Waukesha County rose 5.6% over this time last year and Milwaukee County saw a rise of 14.7% over this time last year according to Multiple Listing Services. Days on market has shortened to 36 days from 38 days at this time last year in Waukesha County and Milwaukee County has seen a decrease from 36 days on market to just 28 days.
Wisconsin's economy has been improving and wages are rising. The state unemployment rate was at a low 2.9 percent in March according to the State of Wisconsin Department of Workforce Development. The low unemployment rate coupled with low mortgage rates creates opportunity for buyers but limited inventory is causing fierce competition on desirable homes and driving prices up.
Lifetime Realty Group Listing Specialist, Jackie Voit, received 14 competing offers on a Greenfield home listed in May at $229,900. Of 62 homes currently listed in Greenfield only 19 are available without accepted offers. When there are more buyers than homes available, multiple offers are submitted on certain properties. Buyers know that they're bidding against one another so prices can go up well above asking in some instances, which contributes to the increase in the median home sale price.
Greenfield isn't the only city in the Milwaukee Metro area experiencing lack of inventory for home buyers. "The current housing conditions are such that almost every city in the Milwaukee Metro area has low inventory and we need more houses for Home Buyers to choose from", says Jeremy Rynders, Greater Milwaukee Association of Realtors board member. "We have many clients that want to move who simply cannot find a home to purchase."
If you're thinking about buying, it's beneficial to meet with a Buyer Specialist before you start your search to discuss your offer strategy and the reality of sale price to list price in certain areas. If you're thinking about selling in the Milwaukee metro area, now is a great time. We're always available for questions about your home value or the selling process. You can call us at 262-696-9884 or reach us by email at email@example.com.