This summer is flying by, can you believe that the Wisconsin housing market stats for May 2023 are already up?!
According to the WRA (Wisconsin Realtors Association) here are the stats for Green Bay, WI and all of Wisconsin:
- May 2023 Wisconsin home sales fell by 21.5% compared to May 2022, and the median home price rose 6.9% to $294,000
- On a year-to-date basis, home sales fell 26.4% relative to the first five months of 2022, and median prices rose 7.9% to $275,000 over that same period.
- The average 30-year fixed mortgage rate rose 117 basis points over the last year, increasing from an average of 5.23% in May 2022 to 6.40% in May 2023. This helped moderate the rate of home price appreciation this spring. Median home prices have increased on an annualized basis between 5.9% and 6.9% since March. This contrasts with an annual rate of appreciation between 9.1% and 11.1% for the previous three years of 2020 through 2022. Keep in mind, this is for all of Wisconsin. The rate of appreciation rose a little more than those percentages.
- The inventory problem has not improved over the last year. In Green Bay, Wisconsin the lack of inventory is still driving up home prices. A balanced market is characterized as six months of available supply, and there were 2.8 months of supply in May, unchanged from May 2022. At least it hasn’t gotten any worse! But this still means that it’s a strong seller’s market. To put it in a different perspective: to return to a balanced six-month supply, the Wisconsin housing market would need 18,634 additional homes to be available for purchase. That’s an increase by 111%
- New construction has not been able to fill the supply gap in the Wisconsin. The U.S. Department of Commerce reports that the number of one-unit private housing building permits for the first four months of the year are down 25.5% compared to the same period of 2022. Ouch.
Single family homes in Green Bay, WI and De Pere, WI, and Appleton, WI and ALL OF WISCONSIN are still selling at a quick pace and for a premium amount. The BEST strategy a buyer can do is to talk with a local real estate agent / Buyer’s Agent and have them go over the housing market.