September 2024 Home Sales Press Release
Posted: 10.15.24
*****News Release*****
Northwestern Wisconsin Region Thrives as Home Prices Rise and Inventory Improves
Eau Claire, WI – Despite fluctuations in the statewide housing market, regions served by the REALTORS® Association of Northwestern Wisconsin continue to demonstrate stability and resilience, driven by rising home values and improving inventory levels. The latest September 2024 Wisconsin Housing Report offers promising insights for buyers and sellers in the region.
Local Market Highlights:
- Median Prices on the Rise: In key areas like Eau Claire, the median home price increased by 4.4%, reaching $297,450. St. Croix County saw prices climb 3% to
$375,000, and Dunn County experienced a remarkable 34.4% price increase, making real estate a valuable long-term investment in the region.
- Improved Housing Affordability: Thanks to falling mortgage rates, now averaging 6.18% statewide, buyers have better purchasing This has helped offset rising home prices, with statewide affordability improving 5.7% over the past year.
- Increased Inventory Levels: The inventory in Northwestern Wisconsin shows encouraging signs. Dunn and Eau Claire counties reported a rise in the number of homes available, with inventory growing by over 15% compared to last year.
“Northwestern Wisconsin remains an attractive market for both residents and investors,” said Todd Schwartz RANWW President. “Our growing inventory and improved affordability are giving buyers more opportunities while maintaining strong home values.”
Mortgage Rate Relief Boosts Market Confidence
With mortgage rates dropping over 1% compared to last year, the region is seeing renewed interest from buyers looking to take advantage of these favorable conditions. The report notes that homes continue to sell quickly, with properties in Eau Claire spending just 68 days on the market on average.
Continued Demand in the RANWW Region
Even with some tightening in home sales across the state, areas like Eau Claire, Dunn, and Chippewa counties show strong demand. Year-to-date, Eau Claire County reported a 5.8% increase in home sales, reflecting the community's continued growth and vitality.
Looking Ahead
The REALTORS® Association of Northwestern Wisconsin encourages buyers and sellers to take advantage of the current market trends. With increased inventory and favorable interest rates, the remainder of 2024 offers a unique window of opportunity.
“We're optimistic about the months ahead,” said Brenda Barnhardt, RANWW Executive Vice President. “Our members remain committed to supporting buyers and sellers through every step of the real estate process.”
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 Kristyn Kersten
(715) 835-0923 (715) 835-0923
brenda@RANWW.org kristyn@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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