New Numbers Show Home Prices Climbing

Posted: 01.23.20

New numbers from December 2019 show homes on the market sold quickly, and for more money than just one year ago.

“These numbers show we’re definitely operating in a seller’s market. If buyers are looking for a home they need to be prepared to move with their REALTOR® quickly, and with a competitive offer,” said RANWW Executive Vice President Brenda Barnhardt.

According to the latest December numbers, Eau Claire County saw median prices on single family homes up 4.6%, with the number of sales decreasing 24.3%, and the average days on market dropping by 5.7%. In Chippewa County, prices were up 30.6%, and homes sales dropped 3.0% with average days on market jumped 21.6%.

According to the Wisconsin REALTORS® Association, closed sales in December increased over December 2018, up 14.8%, and median prices rose 10.1% to $197,000 over that same period. New data also shows the average home in Wisconsin is on the market just 96 days before being sold. 

Barnhardt adds the silver lining has been the significant reduction in mortgage rates over the last year, which has served to keep Wisconsin housing affordable. The 30-year fixed-rate mortgage has remained below 4% since June of last year, and it stood at 3.72% in December. That compares to 4.64% in December 2018.

“Affordable rates are helping buyers get more home for their hard earned dollars. But they need to be ready to identify a great house and move quickly before it’s purchased by another party. That’s where working with a qualified and professional REALTOR® can make the process more successful, faster, and much easier,” said Gary Brenizer, RANWW board president.

The REALTORS® Association of Northwestern Wisconsin is the professional trade association that all 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 private foundation to help homeowners in need and remains a positive force for the members they serve.

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