Wisconsin home prices are still rising, mortgage rates are inching up and homes are still selling fast

It’s still a seller’s market for homes in Wisconsin, with prices rising and the number of homes for sale falling.

The latest report from the Wisconsin Realtors Association found the median price of a home in Wisconsin in January was $231,000, a 10 percent increase from January 2021.

The total number of homes listed for sale in Wisconsin fell 14.6 percent between January 2021 and this January, which helped lead to a year-to-year drop in sales of 4.2 percent last month.

Homes were on the market in January for an average of 84 days, down from 90 in January 2021.

Economist David Clark, of Marquette University, releases the monthly sales reports in conjunction with the WRA. He said one bright spot for buyers is that mortgage rates were still close to their all-time lows.

“They are certainly up from where they were this time last year, but the 30-year fixed rate mortgage rate sat at 3.45 percent in January,” he said.

Clark said as prices rise, homes may stay on the market longer, but demand is likely to stay strong.

“This is a very, very, very strong seller’s market right now,” he said. “I’m sure that a year from now, it’s still going to be a seller’s market. It just may not be quite as strong.”