2018 Predictions for the Wisconsin Housing Market

There are fewer homes for sale today in the Wisconsin Housing Market and other states in the nation. This means that potential buyers must be creative when it comes to making their bid and standing out among their competitors.

Wisconsin housing market

Supply and Demand Has an Impact on the Wisconsin Housing Market

The city of Milwaukee is expected to follow the same path it was on at the end of 2017 with more buyers in the area than sellers, according to a report in the Journal Sentinel.

Although 2017 was the best sales year for the area since 2005, experts say that the year could have been even better if there had been more homes listed for sale. The decrease of suburban properties had a significant impact on the housing market, as there were few homes priced at $300,000 or less.

Many believe that the shortage of housing will not be solved in 2018. While new homes are gradually being built in areas such as Milwaukee and Ozaukee, developers are focused more on building high-end homes and condominiums.

There are also many baby boomers in the area who are not ready to sell their family homes, yet which has decreased the amount of affordable housing available.

The constraints of the limited housing inventory will take some time to work out, however, the realtors in the Milwaukee market say that we should still see a productive year in 2018.

The best advice that real estate experts have for first-time home buyers looking to score a deal is to be prequalified for a loan. You should also be ready to make a quick decision on a home purchase since properties are selling fast. The rush to make such an important decision could cause many buyers to wait until there are more properties to choose from.

The Best Places to Live in The Wisconsin Housing Market

With home buyers having to make a quick decision to purchase the home of their dreams, it’s important that they do as much research as possible beforehand to narrow down their choices. There are many great places to live in the state of Wisconsin, and here are some to consider if you plan to move to the area.

The State of Wisconsin is the birthplace of many classic beers including Miller and Schlitz. It is also America’s Dairyland and home to some of the best cities to call home. La Crosse and Madison ranked as two of the top 100 Best Places to Live according to Livability.com.  Here are a few reasons why.

The Milwaukee and Madison metro areas offer plenty of opportunities for entertainment and employment. This area is home to popular attractions such as The Milwaukee Museum of Art and the Madison Museum of Contemporary Art. Music festivals are held every year during the summer which brings together local artists and international talent in one place.

There is a quality education system in the area that is led by the University of Wisconsin. There are 26 campuses throughout the state including Green Bay, Racine, Eau Claire, and Kenosha. Home buyers can appreciate the affordable housing options, excellent education opportunities and employment options when they move to the area.

Wisconsin’s Housing Market Was Promising in January

January is usually the slowest month for any housing market. Yet due to the continuation of low housing inventory, sales for this past January were up nearly 7% when compared to 2017. The number of sales that were completed in January 2018 topped the amount from last year by as much as 3%.

The increase in home prices and the high demand for homes in general paired with an improving economy and lower mortgage rates helped to make this January one of the most successful we have seen in years.

In Southeast Wisconsin which includes the Metro Milwaukee area, there were 1,441 homes sold in January. That is a 2.8% for the area over last year.  The average sales price also rises by 4.8% at $162,250.

In South Central Wisconsin, 795 homes were sold in January. That is up 4.5% from last year. The sales price has also increased by 17.3% up to $217,000.

Western Wisconsin which includes towns of Buffalo, La Crosse, and St. Croix had an increase of home sales up to 6.4% and a sales price increase of 8.3%. And in Northeast Wisconsin in cities such as Green Lake, Oconto, and Waupaca, 723 homes sold at an average price of $148,000.

The Wisconsin Housing Market for 2018

According to statistics from Zillow for Wisconsin’s home prices and values, the average home value across the state is at $174,539. That is up 5.2% from last year. Zillow predicts that the estimated home value will rise as much as 2.8% in the coming months.

The average list price per square foot in the state is at $132. In October 2012, the average was much lower at $92 per square foot.

Wisconsin’s housing market health score is on the rise at 5.7 out of 10 points. Currently, the average amount of days a house stays on the market is 102. That estimate could go down even farther as buyers race to purchase a home before the expected rise in interest rates go into effect.