by Benjamin Yount
There is good news for people looking to sell a home in Wisconsin, but the news is not so great for people looking to buy.
The Wisconsin Realtors Association released its latest report on home sales on Monday.
The numbers show fewer homes for sale and fewer homes sold in January of this year, compared to January 2021.
Prices, as expected, are up.
The report says the median home price in Wisconsin is $231,000, up from $210,000 last year.
That median price varies, however, depending on where in the state you are looking.
The median price for a home in central Wisconsin is $180,000, compared to the $235,000 median price in southeast Wisconsin, and the $278,000 median price in the southern part of the state.
“With housing demand so strong and inventory so tight, this is the strongest seller’s market in years,” Wisconsin Realtors Association chairman Brad Lois said on Monday. “With such limited supply, this is a great time to list your home.”
The report notes that prices may go up even more.
“Annual inflation rates continue to rise, with headline inflation increasing to an annual rate of 7.5% in January. Ongoing supply chain problems and labor shortages combined with spikes in energy prices has the Federal Reserve on alert. To keep the economy from further overheating, the Fed is likely to begin raising short-term interest rates more aggressively,” Marquette University Economist and WRA Consultant Dave Clark said.
The biggest jumps in home prices, however, may not be where most people expect.
Home prices jumped in Dane, Waukesha, Washington, Ozaukee and Milwaukee counties, but there were larger year-over-year increases elsewhere.
Door County in northeastern Wisconsin saw a 56% jump in the median home price from January of last year, Adams County in northern Wisconsin saw a 59% increase, and Green County in south-central Wisconsin saw an 82% jump in median prices.
Overall, the median price for a home in the state jumped 10% between January 2021 and last month.
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Benjamin Yount contributes to The Center Square.