Prices continue to rise as Wisconsin home sales slow
The Wisconsin Realtors Report for November 2024 reveals that home sales in the state have slightly declined by 9.2% compared to the previous year, marking the first monthly drop since may. Though, year-to-date sales still show a modest increase of 1.5%. Despite the slowdown in sales, home prices continue to rise, with the median price reaching $325,000-a 4.8% increase. More than half of the homes sold were in southeast Wisconsin and the Madison/Dane County area, which remain the most active real estate markets. The Madison area reported the highest median home price at $374,900. Inventory also grew by 3.7%, offering some relief to buyers. Realtors president Tom Larson highlighted positive signs such as declining mortgage rates and a slower annual price gratitude rate, expressing hope for improved housing affordability in 2026.
Prices continue to rise as Wisconsin home sales slow
(The Center Square) – People continue to pay a premium for homes across most of Wisconsin.
The latest Wisconsin Realtors Report, this time for November, shows a slight drop in home sales compared to November 2024, though sales continue to grow since January. It also shows the median price for a home in Wisconsin crept-up another few thousand dollars.
“Existing home sales [were] down 9.2% year-over-year, the first monthly decline since May,” Realtors wrote in their report. “Year-to-date sales are up 1.5%. Median prices rose 4.8% to $325,000 in November, while inventory grew 3.7%.”
More than 5,000 homes sold in November, and again more than half of those sales happened in either southeast Wisconsin or in the Madison/Dane County area. Those two parts of the state accounted for 53% of all homes sold in the state.
Though the Realtors note the year-to-year sales drop off was larger in urban areas across the state.
The median price of $325,000 is also a statewide number. Once again, the Madison-area in south central Wisconsin saw the most expensive homes last month. The median price there hit $374,900, while the median price in southeast Wisconsin was $335,500.
The Realtors’ report shows that most of the homes sold in Wisconsin this year are less than $350,000.
Realtors president Tom Larson said he sees some good news in the numbers from November.
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“While affordability remains a challenge, we did see progress in November, and there are some promising trends. Mortgage rates continue to trend downward, and the annual rate of home price appreciation averaged just 5.5% through the first 11 months of the year,” Larson said in a statement.
“We hope these trends continue and lead to sustained improvements in affordability in 2026.”
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