Wisconsin Housing Market Firmly Tilted in Sellers' Favor

Friday, September 22nd, 2023 -- 9:01 AM

(Jeff Bollier, Green Bay Press-Gazette) Wisconsin's housing market remains firmly tilted in sellers' favor, but August home sales data suggests buyers might start to see a few more homes for sale.

According to Jeff Bollier with the Green Bay Press-Gazette, the inventory of existing homes listed for sale in Wisconsin increased in August for the second straight month, according to housing market data the Wisconsin Realtors Association released Thursday.

Inventory increased from 3.3 months in July to 3.4 months in August, a 13% increase over August 2022. New listings added to the market, a key way to replenish inventory, were declining by double-digit percentages for much of the last year. But WRA data showed new listings only dropped 2.9% in August, compared to 17.7% in July.

"We’ve been accustomed to year-over-year reductions in new listings that exceed 20%, so hopefully this signalsa turning point in our inventory problems,” said Joe Horning, chair of WRA's board, in a media release.

The general lack of inventory continued to depress existing home sales across the state in August. WRA reported 6,889 existing home sales in August, an 18.3% drop compared to August 2022. The statewide median purchase price remained at $300,000, up 10% compared to August 2022.

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