T
hinking of buying or selling a home in Wisconsin in 2024? The state's housing market is showing signs of moderation after years of rapid growth. According to recent data, home prices in Wisconsin increased by 6.2% year-over-year in September 2024, reaching a median sale price of $316,200. However, the number of homes sold decreased by 7.2% compared to the same period last year.
This shift in market dynamics is attributed to a combination of factors, including buyer caution and a more balanced market. Homebuyers are taking their time, negotiating prices, and being more selective about properties. As a result, fewer homes are selling above list price, with only 39.5% of homes sold above asking price in September 2024.
The limited supply of homes for sale remains a significant factor driving up home prices. While the number of available homes increased by 5.3% year-over-year to 22,052 listings, this is still far from an oversaturated market. The average Wisconsin home value hovers around $306,557, according to Zillow data.
Regional variations are also evident in the housing market forecast for Wisconsin. Some areas, such as Green Bay and Appleton, show promising growth potential over the next year, while others like Wausau and Stevens Point may experience stagnant or declining markets.
Looking ahead to 2026 and beyond, I predict that Wisconsin's housing market will likely continue to experience relatively slow and steady growth. However, this forecast is heavily dependent on broader economic conditions, including interest rates, inflation, and national economic indicators.
Several factors influence the Wisconsin housing market forecast, including interest rates, inflation, job market, inventory levels, and population growth. As a cautious observer, I recommend conducting thorough research and consulting with trusted professionals before making major real estate decisions.
Key areas to watch for growth potential include Green Bay, Appleton, Janesville, Sheboygan, and Manitowoc. On the other hand, Wausau, Stevens Point, Baraboo, Menomonie, and Wisconsin Rapids may experience stagnant or declining markets.
