The housing market in Waukesha as in most of Wisconsin can be described as competitive with a large rise in new listings and a rise in home prices. Mortgage rates have wavered throughout the last 6 months but have generally increased demand and have encouraged sellers to list a higher rates in Quarter 2 of 2024. Take a look at the Waukesha housing market in the first half of the year.
New Listings
New listings increased significantly in April (+55.4% YoY) and May (+45.9% YoY). Year to date, new listings are up 21.5% in Waukesha from 432 in 2023 to 525 this year. In Wisconsin, new listings are up 6.2% for the first half 5 months of the year compared to the previous year. Visit Metro MLS for the full local housing reports in Wisconsin.
Closed Sales
Year to date, closed sales are up 10.9% from 358 in 2023 to 397 this year. We saw a general increase in home sales due to an increase in new listings. In Wisconsin, home sales on average were up 10.1% for the first 5 months of the year, with a 25.7% YoY increase in April alone.
Median Sales Price
An increase in new listings has kept the median sales price hovering around the same prices as last year. Year to date, the median sales price is down 4.2% from $345,000 this year to $360,000 in 2023. In Wisconsin, the monthly median sales price increase average was 7% for the first 5 months of the year with a 10.1% YoY increase in February alone.
Inventory
Although the number of new listings has increased since since the beginning of the year it is still a seller’s market with 3.4 months of inventory in the state of Wisconsin as of May 2024. There is still large demand with more expected as most closings in the state occur between May and August in a typical year.
Interest Rates
The 30-Year Fixed Rate Mortgage Average in the US has declined from a peak of 7.79% on October 26, 2023 according to Freddie Mac. This year the peak was 7.22% on May 2 and has now descended to 6.89% as of July 11. As of June 24, 2024, the Mortgage Bankers Association forecasts that interest rates will decline to an average of 6% in 2025 and 5.8% in 2026. NAR’s June 2024 Economic and Housing Market Outlook forecasts the average mortgage rate will be 6.4% in 2025.
I am a local real estate agent residing and working out of Lake Geneva, WI. Growing up in Walworth and working in residential construction on and around Geneva Lake I developed a diverse skill set that allowed me to help guide people through the real estate market in Walworth County.
I am a strong advocate for homeownership. Today, home affordability has reached the lowest levels in recent history. It is more affordable to rent than to own a home in an increasing number of areas in the United States. I will work hard to help you maneuver the current real estate market so that you can own property, build wealth, and gain freedom; so I can help you achieve The American Dream.
ON THE MARKET
221 E Market St, Burlington, WI 53105 | $450,000
RECENTLY CLOSED (May 28, 2024)
N1684 Williams Plaza, Linn, WI 53147 | $700,000
262.215.5296
223 Cook St, Suite J
Lake Geneva, WI 53147
Comments