Average time on the market drops amidst home supply shortage

Posted: 08.22.22

Eau Claire, WI - Home prices remain high, with Wisconsin’s median home sale in July, 2022 hitting $279,000 (an 11% increase from July, 2021). These high prices can in part be attributed to a lack of inventory available throughout the state. Here are the current statewide stats for Wisconsin:

Average days on the market has dropped 9.1% since July, 2021 (from 66 days to 60 days)
  • New listings have dropped by 15.4% over the last 12 months. 
  • Mortgage rates have increased by 88.5% since last year (from 2.87% to 5.41%).

Western Wisconsin has had an average 14.3% decrease in time on the market, at just 60 days in July 2022. Notably, Eau Claire was at an average of only 56 days on the market. 

  • Eau Claire County’s median home price has increased 15% since July, 2021. (from $257,000 to $295,525)
  • Western Wisconsin has also seen an increase of 16% in median home price (from $249,900 to $290,000).
  • Home sales in Eau Claire decreased by 8.6% compared to July, 2021.

“Looking at the high home prices and decreasing amount of homes on the market, it’s clear that the affordability issue is going to continue,” according to Scott Rohde, President of REALTORS® Association of Northwestern Wisconsin. “The shortage of homes available in our area, combined with a lack of family income growth, has led to an unmet demand for housing.”

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