Wisconsin Real Estate Market Overview

Posted On Tuesday, 19 November 2024 14:35
Wisconsin Real Estate Market Overview Image source: 123RF

The Real Estate Market since Covid-19 has been a wild ride with home prices at record highs in many states, including Wisconsin. In this article we talked with Wisconsin Real Estate Agents, looked at the MLS data and compiled public data such as Redfin, Zillow and Realtor.com data to find what's going on in Wisconsin.

Top Cities in Wisconsin

Milwaukee, WI

The Milwaukee Housing Market is the largest city in Wisconsin with a population of 561,385. Milwaukee has a lot of Migration from Chicago, IL; Omaha, NE; and Wichita, KS.

Median Sale Price: $215,000

Year-Over-Year Price Change: +8.3%

Median Days on Market: 43

Madison, WI

The Madison WI Housing Market is a college town and the home of the Wisconsin Badgers. Madison is great for college rentals as it's the State's Largest University.

Median Sale Price: $412,000

Year-Over-Year Price Change: +8.4%

Median Days on Market: 48

Green Bay, WI

The Green Bay, WI Housing Market has two major things going for it. The Packers, the only NFL team in Wisconsin, and the University of Green Bay. These two combined create tourists and a great opportunity for short-term rentals such as Air BNBs.

Median Sale Price: $247,500

Year-Over-Year Price Change: +10.0%

Median Days on Market: 39

Stevens Point, WI

The Stevens Point WI Real Estate market is an ever growing one and it shows with a 19.3% year-over-year change in home price. Stevens Point also has some of the best Buyer Resource in the State.

Median Sale Price: $247,500

Year-Over-Year Price Change: +10.0%

Median Days on Market: 39

Eau Claire, WI

The Eau Claire, WI Housing Market is one of the most steady housing markets in Wisconsin. The year-over-year price change is only 2.9% however, the market steadily growing in homes sold making it a solid investment.

Median Sale Price: $277,500

Year-Over-Year Price Change: +2.9%

Median Days on Market: 53

Housing Prices and Trends

The Wisconsin Real Estate Market has had a steady increase in median sale price, number of homes sold and median days on the market according to Redfin.

In October 2024, home prices in Wisconsin were up 9.8% compared to last year, selling for a median price of $317,900. On average, the number of homes sold was up 3.6% year over year and there were 6,049 homes sold in October this year, up from 5,838 homes sold in October last year. The median days on the market was 48 days, up 3% year over year.

We can expect the market to continue to grow steadily year over year especially with the heavy migration from California, New York and Illinois.

Housing Supply and Demand

This is where things get trick. After Covid the Housing Supply has been on a steady decline while Buyer Demand has been on the rise. The one exception to this has been this year, 2024 with a slight increase of 8.2% newly listed homes. The market is also quite diverse as the more North you go in Wisconsin, such as the Ashland WI Real Estate Market, the less supply you find; compared to say the Milwaukee Real Estate Market where you would find a large supply of houses.

Conclusion

The Wisconsin Housing Market is a slowly growing market with good supply and migration. If you're an investor looking to buy we encourage you to take a look at the Wisconsin Real Estate Market as it has good potential in the coming years. 

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