(The Center Square) – Home prices in Wisconsin continue to go up, and there continue to be fewer homes for sale.
The March report from the Wisconsin Realtors Association shows a double-digit drop in home sales and a nearly 4% increase in the median price in the state.
“Wisconsin home sales fell 10.2% compared to solid sales in March 2024,” the report noted. “[And] the median price rose 3.7% over the past 12 months to $310,000.”
The median price is statewide, and homes in the Madison and WOW counties areas are much higher.
Wisconsin’s price increases and number of homes for sale are not just a March problem, the report points out. March was also the end of the first quarter of 2025, and the numbers show a trend.
“During the first three months of 2025, sales were down slightly, falling 0.8% relative to that same period in 2024,” the Realtors wrote. “The median price rose 7.3% to $300,500 in the first quarter of 2025 compared to the first quarter of 2024.”
The biggest problem continues to be a lack of homes that are for sale.
Real estate agents say Wisconsin’s inventory simply isn’t there.
“Total listings were relatively flat over the last 12 months, rising just 0.6% in March, whereas new listings fell 1.3% compared to March 2024,” the report added.
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Wisconsin Realtors President & CEO Tom Larson tried to find some good news in the numbers.
“When mortgage rates first tapped 5% almost three years ago some buyers stepped back from the market, hoping rates would improve. Now that 30-year rates have been in the 6% to 7% range for most of the last two years, there are signs that buyers are treating this as the new normal,” he said in a statement.” That bodes well for solid buyer demand going into the peak sales period.”