October 2024 Real Estate Market Update for Wisconsin Homeowners

October was a strong month for Wisconsin’s real estate market, with home sales rebounding after a September slump. Whether you’re planning to buy or sell in the state, understanding key trends in pricing, inventory, and mortgage rates can help you make informed decisions. Here’s a detailed look at Wisconsin’s October 2024 real estate market.

Sales and Prices: Steady Growth

Compared to October 2023, Wisconsin’s existing home sales rose 3.5%, reflecting strong demand even in a challenging market. The median home price surged by 10.7% over the last year, reaching $310,000. This growth reflects tight inventory conditions and sustained buyer interest despite higher mortgage rates.

Year-to-date figures show a 4.1% increase in closed sales and an 8% rise in median prices. For sellers across Wisconsin, this remains an opportune time to list your home, with buyers motivated to secure properties before rates climb further.

Inventory Improvements Across the State

October saw an 8.6% increase in new listings compared to a year ago, contributing to an 8% overall rise in inventory. While this is encouraging, Wisconsin remains a seller’s market, with only 3.4 months of supply in metropolitan areas. Smaller urban areas and rural counties are closer to a balanced market, with micropolitan areas offering 4.2 months of supply and rural areas at 4.9 months.

However, Wisconsin would need more than 12,700 additional listings to reach a balanced market with six months of supply.

Mortgage Rates: Mixed Signals for Buyers

After several months of declining rates, October saw a slight reversal as 30-year fixed mortgage rates rose to an average of 6.43%, up a quarter point from September. However, rates are still more than a full percentage point lower than October 2023 when they averaged 7.62%.

Despite the improvement in rates year-over-year, rising home prices and modest income growth have limited gains in affordability. The Wisconsin Housing Affordability Index increased by just 1.6% since October 2023.

Key Takeaways for Wisconsin Homeowners

1. Sellers Should Act Now: Tight inventory and rising home prices make this a prime time to sell. Listing your home before the holidays could maximize visibility and value.

2. Buyers Face Trade-Offs: Improved inventory offers more options, but rising mortgage rates and higher home prices require careful financial planning.

3. Monitor Mortgage Trends: Mortgage rates follow the 10-year Treasury yield, which has been climbing due to economic uncertainty. A stabilized economy could help bring rates back down in the coming months.

If you're considering buying or selling give me a call or send a message, I'd love to talk options and straegize with you on the best possible plan for you and your situation. 

If you’re considering buying or selling a home in Wisconsin, now is a great time to explore your options. Whether you’re navigating the challenges of tight inventory or trying to capitalize on rising home values, I’m here to help. Give me a call at 608-669-4226 or send me a message at john@integrityhomeswi.com. I’d love to discuss your goals and strategize the best possible plan tailored to your unique situation. Let’s work together to make your real estate dreams a reality!

John Reuter 

Integrity Homes

608-669-4226

john@integrityhomeswi.com