Chippewa Valley home sales down, mortgage rates up

Posted: 03.1.23

EAU CLAIRE (WQOW) - Experts are reporting bleak new statistics about the housing market in the Chippewa Valley. Sales are dropping while mortgage rates are rising.

According to the Realtors Association of Northwestern Wisconsin (RANWW), sales in Eau Claire and Chippewa Counties are down 32% since last January. The median price of a home has increased just over 8% to $250,000. Listings across the state are down 26%. 

Meanwhile people are continuing to look for homes.

"Even though rates are high and there's not a lot of inventory, I personally have a ton of buyer demand," said Julie Flor, president of RANWW. "There's still a lot of buyer demand up there especially with first-time home-buyers, with the younger generation."

Flor said that's because it's currently about as affordable to rent as it is to buy. She said it's been a seller's market for about six years now. To find a balance between sellers and buyers, she said people need to sell more houses. She added value is up along with demand.

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