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Home Prices Continue to Rise as Supply Wanes

Posted: 07.18.22

Eau Claire, WI - The number of homes for sale in Wisconsin continues to decline from last year, and the median home price has risen to $280,000 (a 9% increase from June, 2021). This lack of inventory has contributed to a 11% drop in home sales compared to this time last year. Here are the current statewide stats from Wisconsin:

  • Average days on the market has dropped 11.8% since June 2021. 
  • New listings have dropped by 13.5% over the last 12 months. 
  • Mortgage rates have increased by 85.2% since last year (from 2.98 to 5.52).

Western Wisconsin has had a noticeable increase in median home prices since last year, with Eau Claire homes averaging at $288,750 in June, 2022. 

  • Eau Claire County’s median home price has increased 14% since June, 2021.
  • Western Wisconsin has also seen an increase in median home price of 11.7% (from 255,000 to 284,900).
  • Average days on the market in the Western region are at just 59 days, a 9% decrease compared to 65 days in June 2021.

Despite high home prices and increasing mortgage rates, it’s still a seller’s market at this point, according to Scott Rohde, President of REALTORS® Association of Northwestern Wisconsin. “There is still a significant need for housing in our area. Even with mortgage rates rising and home prices as high as they are, the homes that come on the market sell quickly.”

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