Greetings, fellow Wisconsinites! If you’re buzzing with excitement about the real estate market in the dairy state, you’re not alone. 2023 has been a rollercoaster ride, but the outlook is as bright as a summer day in Door County.
Let’s start with the financial scoop. Good news for prospective buyers: mortgage rates are on a downward slide. After peaking at a hair-raising 8%, they are now descending to more palatable levels. The National Association of Realtors (NAR) foresees a cozy 6.3% average for the 30-year fixed-rate mortgage in 2024. So, seize the day and dive into the market while the interest waters are calm!
Now, hold onto your cheese hats because the housing market is set to explode. NAR predicts a whopping 13.5% surge in existing-home sales. And for those eying those fresh, new homes, brace yourselves – new-home sales are defying gravity, poised to skyrocket by 19% by the end of next year.
What’s spurring this real estate renaissance? It’s not just the promise of Packers’ victories. Wisconsin’s population is booming, unlike our neighbors in Illinois who seem to have hit the reverse button on growth. According to the U.S. Census Bureau, our state saw a population increase of 20,412 from July 2022 to July 2023, while Illinois suffered a decline of 32,826.
Now, let’s zoom into our own backyard, starting with Walworth County. Despite a 19.4% dip in home sales in the first 11 months of 2023, the median home sale price rose by a commendable 5.8%. That’s not just a housing market – that’s a resilience market!
Racine County follows suit with a 23.7% drop in home sales, but fear not! The median home sale price made a 4.4% leap. In Kenosha County, a 21.6% decrease in home sales couldn’t put a dent in the 5.6% increase in the median home sale price. Our counties are like aged cheddar – getting better with time!
As the year wraps up, consider this your golden opportunity to dive into Wisconsin’s real estate wonderland. Falling mortgage rates, rising home sales, and a population surge are the ingredients for a housing market fondue party. Whether you’re a first-time buyer or a seasoned homeowner, 2023 promises a slice of the American Dream right here in Wisconsin.
Don’t let the winter frost deter you. Wisconsin’s real estate scene is heating up, and your dream home might just be a snowball’s throw away. So, grab your mittens and embark on this exciting real estate journey in the heart of America’s Dairyland!
https://biztimes.com/wisconsin-ranked-27th-in-population-growth-for-2023/
https://freddiemac.gcs-web.com/node/28181/pdf
Unlocking the Door to 2024 Housing Trends in Wisconsin
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