Market Update: Falling Sales and Rising Prices 📈

The Real Estate Market in Wisconsin Has Been Undergoing Significant Changes in Recent Months, with Falling Home Sales and Rising Prices Becoming a Noticeable Trend. While The Trend of Falling Home Sales First Emerged in The Fourth Quarter of 2022, It Has Continued into The New Year. at The Same Time, The Median Price of Homes That Closed in January Rose 8.5% over The Same 12-month Period.

In This Article, We Will Explore These Real Estate Trends in Greater Detail.

Despite The Reduction in Sales, Inventories Have Remained Low, with Just 1.9 Months of Available Supply, Unchanged from The Previous Year. This Lack of Supply Has Kept Upward Pressure on Home Prices, Which Are Still on The Rise. Even The Less Densely Populated Rural Areas Have Weak Supply, with Just 2.6 Months of Available Supply.

New Listings Are Also Down 26.2% Compared to January 2022, with Total Listings 16.2% Lower Than Their Levels 12 Months Earlier. This Reduction in Supply, Coupled with Weak Demand Due to Affordability Concerns, Has Led to a Market That Is Still Classified as a Seller’s Market, with Limited Supply Driving Prices Up.

How Does Dane County Compare?

The Median Price for Dane County Was $397,000, up 11.6% from $355,700 Last January.

The Monthly Sales Total for Dane County Was 286, Down 34.3% from 435 Last January.

Months of Inventory for Dane County Was 1.8 Months, Down 5.3% from Last January.