(The Center Square) – Wisconsin’s home sales report continues to sound like a broken record.
The Wisconsin Realtors released their latest report Thursday, showing October home prices were up, inventory lacked and affordability continues to be a problem.
“For the fifth straight month, both existing home sales and median prices increased statewide,” the report states. “October home closings rose 3.4% compared to October 2024, and the median price increased to $331,500, which is a 6.9% increase over the last 12 months.”
The Realtors say home sales have increased 2.4% compared to sales last year. Prices, however, increased more.
“The median price rose 5.6% to $327,500 over that same period,” the report added.
But real estate agent leaders say there is some reason for optimism.
“As we move into the slower season for home sales, it’s good to remind potential buyers that sellers who list their homes during the colder months of the year are often highly motivated to sell. This can translate into more favorable price concessions from those sellers,” Association Chairman Chris DeVincentis said.
There is also some hope on the mortgage front.
“The average 30-year fixed rate mortgage was just under 7% in January 2025 and fell to 6.25% in October. Hopefully these trends continue and we start to see real improvements in affordability,” Realtors president Chris Larson added.
But affordability remains a problem in the state.
“Affordability fell just 1.5% compared to October 2024. Although home prices rose 6.9% over the last year, median family income is projected to have increased 3.6% over that same 12-month period,” the report noted.
While the statewide median price jumped to $327,500, regional prices vary. Madison and southcentral Wisconsin remains the most expensive housing market.
The median price there jumped to $374,5000 last month. The median home price in southeast Wisconsin hit $347,500. The median price in central Wisconsin remains the lowest, at $265,000.
Southeast Wisconsin also continues to be the busiest housing market. The report says almost 34% of all homes sold in the state are sold there. Northeast Wisconsin is the second busiest, with more than 20% of sales las month.
