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Higher Home Prices and Rising Mortgage Rates

Posted: 06.27.22

Eau Claire, WI - The number of homes for sale in Wisconsin continues to decline from last year, and median home prices have risen 11% when looking at last May. The lack of inventory available has led to a 5.6% drop in home sales compared to this time last year.

Here are the current statewide stats from Wisconsin:

● Average days on the market have dropped 13.7% since May 2021.
● New listings have dropped by 15% over the last 12 months.
● Mortgage rates have increased by 76.7% since last year.

Western Wisconsin has had a noticeable increase in median home prices since last year, with Eau Claire homes averaging at $261,450 in May 2022.

● Eau Claire County’s median home price has increased 13.2% since May 2021.
● May Western Wisconsin median home price has risen 14% in the last year.
● Average days on the market in the Western region are at just 62 days, a 12.7%
decrease compared to 71 days in May 2021.

Despite high home prices and increasing mortgage rates, it’s still a seller’s market at this point, according to Scott Rohde, President of REALTORS® Association of Northwestern Wisconsin. “There is still a significant need for housing in our area. Even with mortgage rates rising and home prices as high as they are, there is still a lack of inventory available when looking at the amount of people searching for a home.”

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