March 2023 Home Sales Press Release
Posted: 04.20.23
*****News Release*****
Median home prices continue to rise over last year
Eau Claire, WI – Statewide, median home prices continue to rise across every region in the state, including Western Wisconsin. First quarter home sales continue to follow the same pattern across all three months, falling 27.4% compared to 2022 first quarter home sales. Wisconsin has a very strong seller’s advantage with just 2.2 months of supply which has stayed consistent compared March 2022. Entry levels homes (homes with sale prices ranging from $125,000 to just under $350,000) have the tightest inventories at just 1.5-1.7 months of supply. Here are the statewide stats for Wisconsin:
- Compared to March 2022, the average days on the market have remained flat at 78 days
- New listings for March 2023 have dropped 20.1% compared to March 2022 (from 5,782 to 4,419)
- Mortgage rates have increased by 56.8% compared to March 2022 (from 4.17% to 6.54%)
Western Wisconsin has seen a 14.5% decline in home sales since March 2022. Notably, Eau Claire County’s home sales decreased at a rate higher than the region (down 26.9%). The days on the market are following the state pattern by remaining nearly flat at 86 days in March 2023 compared to 85 days in March 2022.
- Eau Claire County’s median home price has increased 19.8% compared to March 2022 (from $260,000 to $311,500)
- Western Wisconsin’s median home price has also shown an increase of 5.3% (from $266,000 to $280,000)
- Eau Claire County saw a decrease in home sales by 26.9% compared to March 2022
“Overall, housing affordability continues to be a concern as it is influenced by changes in income, home prices and inventory, and the cost to borrow money,” shares Julie Flor, President of the REALTORS® Association of Northwestern Wisconsin. “We are experiencing people looking to purchase a home do not have the capability of a down payment or home equity built up, combined with higher interest rates, are being priced out of buying a home.”
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If you’d like local commentary on these statistics, or the housing market in general, local real estate professionals are available for interview. Please reach out:
Media Contact:
Brenda Barnhardt
(715) 835-0923
brenda@ranww.org
Whitney Girolamo
(715) 835-0923
whitney@ranww.org
The REALTORS® Association of Northwestern Wisconsin is the professional trade association that all the professional REALTORS® residing within the association jurisdiction belong to. The association provides educational opportunities for its members, is active in local, state, and national advocacy efforts, engages in community outreach through charitable giving, operates its own foundation to help homeowners in need, and remains a positive force for the members they serve.
For more information on the REALTORS® Association of Northwestern Wisconsin, visit www.ranww.org.
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