Fast facts and stats on the housing market in the state of Wisconsin for the month of April 2022!
- Home sales in general have fallen from last year April. This is due to LACK OF INVENTORY, as in, not enough homes for sale! Home sales fell 14.8% between April 2021 and April 2022, whereas the median home price rose 13% to $265,501 over that same 12-month period. Nuts, right?!
- The average # of days on the market was 69 days – and if you’re in the Brown County WI, Oconto County WI, Outagamie County WI, Calumet County WI, Kewaunee County WI or really most of Northeastern Wisconsin, these houses a getting multiple offers well above asking price within a matter of DAYS.
- Home inventories continued to tighten with only 2.4 months of available supply in April. For a stable housing market it would be 6 months of available homes for sale. I shouldn’t have to tell you that it is still a seller’s market. And very much so!
- Mortgage rates have increased. In April 2021 the average 30 year fixed rate was 3.06%, and to give you a little more perspective the 30 year fixed average rate in April 2022 was 4.17%.
- According to The Wisconsin Housing Affordability Index – it shows the portion of the median-priced home that a home buyer with a median family income is able to purchase, (assume a solid 20% down payment with a 30-year fixed-rate mortgage at current rates used to finance the remaining balance.) In April 2021, that buyer could purchase 197% of the median-priced home, and just 12 months later in April 2022, that same qualified home buyer could only purchase 142% of the median-priced home.
All the above information can be found on the WRA (Wisconsin Realtors Association) website. Check out https://www.wra.org for more info.