(WJFW)- The Wisconsin realtor’s association recently released the February 2024 Wisconsin real estate report.
The Wisconsin realtor’s association releases a monthly report on the housing market that is compared to the same month of the previous year. The 2024 February report stated the average median price in Wisconsin rose 5.7% and sits right around $275,000.
“Real-estate listings are up by about 21 percent, we are also seeing price increases which is good for sellers but maybe not so good for buyers it’s up about 6 percent,” said Tom Larson the CEO and President of the Wisconsin Realtors Association.
Cecily Dawson a broker that covers the Northwoods says that here in North central Wisconsin the sales were higher than the rest of the state compared to this time last year.
“Statewide the improvement was 3%, there were 3% more sales in February this year then last year but in the northern region it was 34.5% more sales this February so we saw a ton more sales,” said Dawson.
The days on the market in the Northern region stayed nearly the same with an average of 100 days. The increase in sales comes from the increase in supply.
“Inventory has improved a year ago it was 2.1 months and right now it’s 2.7, so months of inventory indicates how much we have and how long it’s expected to last,” said Larson.
Still seeing the most challenges are first time home buyers.
“That entry level house, because there is so many people looking for homes in that area that still remains the most competitive area of the market place,” said Larson.
For those in the market its best to approach purchasing with a plan
“Understanding where you are at financially, taking time to save extra, being really ready with a pre approval letter, understanding the various loan opportunities that are open for you and for first time home buyers there might be a few extras," said Larson.
While the numbers did rise there are many factors leading to development in the market.
“We’re seeing signs of improvement, we’re seeing more inventory come on the market and we’re seeing more sellers interested in putting their properties on the marketplace,” said Larson.