Wisconsin home sales in April jumped 25.7% over the year as more houses are hitting the market and prices continue to rise, according to the Wisconsin Realtors Association.
The group’s latest report, being released today, shows 5,532 homes were sold last month compared to 4,401 in April 2023. Over the same period, total statewide listings rose 6.1%, from 16,209 in April 2023 to 17,203 last month.
Mary Jo Bowe, this year’s chair of the WRA Board of Directors, says Wisconsin “has a way to go” before the market becomes balanced, but the April figures show the state is moving in the right direction.
“The growth trend in listings has really helped our sales this year, and it bodes well for robust growth this summer,” she said in a statement.
Inventory levels increased 14.8% over the year, from 2.7 months to 3.1 months. Report authors note that improvement was seen in every region of the state, but rural counties saw the most growth over the year, rising from 3.3 months of inventory to 4.1 months in April.
At the same time, median home prices rose 6.4% over the year, from $282,000 to $300,000. On a year-to-date basis, the median price increased to $285,000, marking a 6.5% increase from the first four months of 2023.
Since the pandemic hit in 2020, median home prices in April have risen more than 40%, according to WRA consultant David Clark, a professor emeritus of economics with Marquette University. Much of that increase happened between 2020 and 2022, when median prices rose nearly 25%, he said in the report.
“In contrast, the last two years have seen 12-month home price increases of just 5.4% in April 2023, and only 6.4% in April 2024,” he wrote. “Since homeownership expenses make up about one quarter of the overall weight of the Consumer Price Index, which is the index used to measure inflation, it’s good to see some moderation in home price appreciation.”
Meanwhile, WRA President and CEO Tom Larson notes millennials’ commitment to homeownership is helping to drive home sales, highlighting a “significant unmet” housing need for buyers in this age range.
“Even though average monthly mortgage rates have been increasing throughout 2024, millennials remain committed to homeownership, which is a big reason home sales have rebounded this year,” he said.
See the release.
