Wisconsin Real Estate Trends Entering Spring

Wisconsin is a state with a lot to love. There is something for everyone in Wisconsin, from the sparkling blue lakes to the deep green forests, the quiet suburbs to the bustling cities. This Midwestern state hasn’t had the real estate boom of states like Texas or Florida, but the real estate situation in Wisconsin is worth monitoring. As we move away from a frigid Wisconsin winter, the market will begin to heat up once again. Let’s look at some of the real estate trends residents of the state or those looking to buy a home in Wisconsin should be aware of as we enter spring.

Milwaukee and Madison Trends

Milwaukee and Madison are the two biggest cities in Wisconsin, located roughly an hour and twenty minutes’ drive apart. They are two significant cities with differing real estate trends worth noting.

Milwaukee is a major urban city, but it has a highly affordable real estate market despite that. The Milwaukee market has increased significantly in recent years but remains one of the most inexpensive urban centers in the US. According to Realtor.com, the median listing price of a home in Milwaukee in January 2022 was $164,900, with a median sales price of $175,000. This listing price was a 6.5% increase year-over-year, and the sales price was a 16.5% increase year-over-year.

According to Redfin, only five years ago, the median sales price of a home in January 2017 in Milwaukee was $88,000. Prices have almost doubled in the past five years, and the market has become much more competitive. This is demonstrated by the median home sales price in the city being significantly higher than the median listing price.

Homes have traditionally been more expensive in Madison, Wisconsin’s second-biggest city and the state capital. Madison is still not a particularly pricy market, but prices appear to be going up. According to Rocket Homes, the median sales price of a home in Madison was $252,029 in January 2022, an increase of 22.6% from January 2021.

There were also more homes for sale and more homes sold in January 2022 compared to December 2021, so the pace of the market appears to be picking up. There was a 24.6% increase of homes for sale month-to-month, with an 82.3% increase in the number of homes sold. Madison is considered a sellers’ market, with 48% of homes being sold for over asking price. Madison is a market where prices continue to rise, though it remains more affordable than many similarly-sized cities.

Other Important Area Trends

Madison and Milwaukee aren’t the only two significant cities in Wisconsin. Wisconsin is filled with small and mid-sized communities, and they’ve also experienced significant shifts in their real estate market. Low-interest rates and a surge of buyer activity stemming from pandemic-induced changes have drastically impacted real estate markets across America and Wisconsin. Let’s look at some of the other markets in Wisconsin having significant real estate shifts.

Racine is Wisconsin’s fifth biggest city, located along the shores of Lake Michigan. It is known for its affordable cost of living, but according to Realtor.com, prices are rising. In January 2022, the median listing price of a home in Racine was $168,000. This marked a 16% year-over-year increase, but according to Rocket Homes, that didn’t slow the pace of the market one bit. Rocket Homes has data showing a 362.5% increase in homes sold from December 2021 to January 2022.

Green Bay is another important Wisconsin city, best-known as the home of the state’s beloved Packers. It is yet another Wisconsin market where prices are rising significantly. According to Redfin, January 2022 broke a record for the highest median sales price for the month in the city, as homes sold for a median of $199,950. This was a major uptick of 21.2% from January 2021.

Kenosha is another major Wisconsin market where prices are rising. According to Rocket Homes, the median sales price in Kenosha was $185,000 in January. This represented a 12% increase month-to-month, and there was a 205.6% increase in home sales from December to January.

Prices are rising across Wisconsin. Even in the traditionally dire days of the winter real estate market, prices continue to climb. Expect this to continue and increase as we move towards spring in Wisconsin.