Inventory Continues To Decline As Mortgage Rates Increase

Posted: 09.21.22

Eau Claire, WI - Home prices remain high, with Wisconsin’s median home sale in August, 2022 at $271,000 (an 8.4% increase from August, 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 6.2% since August, 2021 (from 65 days to 61 days)
● The number of new listings have dropped by 20.5% over the last 12 months.
● Mortgage rates have increased by 83.8% since last year (from 2.84% to 5.22%).

Western Wisconsin is following those trends with an average of 61 days on the market in August. Meanwhile, Eau Claire was at an average of only 57 days.

● Eau Claire County’s median home price has increased 10% since August, 2021. (from $250,000 to $275,000)
● Western Wisconsin has seen an increase of 5.2% in median home price (from $250,000 to $263,000).
● Total home sales in Eau Claire decreased by 14.4% compared to August, 2021.

“The higher cost of homes in our area has led to a smaller pool of buyers, but it’s still a competitive market due to the lack of available homes,” according to Scott Rohde, President of REALTORS® Association of Northwestern Wisconsin. “Until we have more inventory available, we are likely to see home prices continue to rise.”

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