Wisconsin Buyers Agents

Buying a home in Wisconsin—what to know.

• Experience Wisconsin’s Four Seasons: Wisconsin offers all four seasons with diverse weather and scenery. Spring brings blossoming flowers, while summer offers sunny days for outdoor activities. Fall showcases vibrant foliage and harvest festivals, while winter brings snow and opportunities for winter sports. Embracing these varied seasons means enjoying unique outdoor experiences throughout the year.
• Affordable Living in Wisconsin: Wisconsin offers a low cost of living, with median home prices at $260,100 and affordable rental options. Two-bedroom apartments in Green Bay average $1,350, and in Kenosha, they’re around $1,259. Charming cities across the state cater to diverse lifestyles, providing options for everyone.
• Natural Beauty Abounds: Wisconsin’s natural beauty is unmatched, with rolling hills, expansive forests, and shimmering lakes. With over 15,000 lakes, there are plenty of opportunities for fishing and boating. The state’s vast forests are perfect for hiking, camping, and wildlife observation. Notable attractions include the Apostle Islands National Lakeshore and Door County Peninsula. Living in Wisconsin means enjoying stunning landscapes and endless outdoor adventures.
• Thriving Sports Culture: Wisconsin is a sports lover’s paradise, home to professional teams like the Green Bay Packers, Milwaukee Brewers, and Milwaukee Bucks, along with collegiate teams like the Wisconsin Badgers. The state’s passionate sports fans, often called “Cheeseheads,” add to the lively atmosphere of sporting events.
• Diverse Culinary Delights: Wisconsin’s culinary scene is a blend of its agricultural heritage and diverse cultural influences. Known for award-winning cheese and cherished traditions like Friday fish fries, the state also offers delicious brats and locally sourced delights. From farm-to-table eateries to vibrant food festivals, Wisconsin showcases a variety of flavors, including German, Scandinavian, and Hmong specialties. Living in Wisconsin means savoring a rich tapestry of culinary experiences that highlight the state’s cultural richness and gastronomic expertise.

Wisconsin buyers agents provide Key Tips for Homebuyers in Wisconsin in 2024:

• Establish Your Budget: Evaluate your income, expenses, and financial goals to establish a practical budget. Include a maintenance fund for routine and unforeseen costs. Consider not just the purchase price, but also ongoing expenses like property taxes, insurance, maintenance, and utilities. For seasonal properties, budget for winterization and security during periods of vacancy.
• Explore Neighborhoods and Towns: Research different areas by visiting them at various times of the day to gauge their atmosphere. Rural locales can vary significantly in terms of access to amenities like schools, hospitals, shopping, and dining establishments. Consider the importance of these amenities and select a location that aligns with your needs and convenience.
• Choose Your Ideal Home Type: Choose the ideal dwelling type for your needs, whether it’s a year-round home, vacation property, cabin, or other option. Assess current and future requirements, such as desired bedrooms and features. Rural properties often offer more land, so consider your willingness to maintain it.
• Prioritize Professional Home Inspection: Before purchasing, ensure a thorough home inspection by a qualified professional. This is crucial for identifying hidden issues, especially with older or unique rural properties. Detecting concerns in advance enables informed decision making.
• Research Property Taxes and Closing Costs: Research property tax rates in your desired area, as high taxes can affect monthly expenses. Budget for closing costs, including appraisal fees, title searches, legal services, and other expenses, to avoid unexpected financial burdens.
• Consider Future Resale Value: While planning for your long-term residence, contemplate the potential resale value of the property. External factors like location, nearby schools, appeal to diverse buyer demographics (particularly for vacation homes or cabins), and the current housing market conditions can all influence the property’s worth. Being mindful of these aspects ensures a well-rounded investment approach.

Is 2024 a Good Time to Buy a House in Wisconsin? 

Home prices in Wisconsin are on the rise and are expected to continue increasing until the supply-demand equilibrium shifts. With only approximately 13,000 houses for sale in Wisconsin as of January 2024, the inventory is severely limited to meet the demands of prospective home buyers. Consequently, this presents an opportune moment for homeowners looking to sell their properties in Wisconsin. Following the drop in mortgage rates from a two-decade high of 8% to 7.35% in November, there has been a notable uptick in new listings. This suggests that individuals who were previously hesitant to sell due to concerns about locked mortgage rates are now adjusting to the 7% rate environment. As Spring approaches in 2024, it is expected that more homeowners will follow suit and list their properties on the Wisconsin MLS.

Implications and Trends

Average Home Prices: Wisconsin’s median home price stands at $274,400, marking a 5.5% year-over-year increase. Forecasts for 2024 anticipate further growth in the median sale price due to constrained inventory, with Wisconsin buyers agents providing valuable assistance. Presently, the sale to list price ratio sits at 98.50%, reflecting a 0.5 percentage point rise compared to January 2023.

Home Sales: January 2024 data reveals a notable 6.5% year-over-year increase in home sales. Specifically, 3,331 homes were sold in January 2024, up from 3,127 in the same month of the preceding year.

Average Rent Prices: Rental rates exhibit variance across Wisconsin. In Milwaukee, the average tenant pays $1,402, while those in Appleton pay $1,225 on average.

Median Days on Market: Homes for sale spend a median of 58 days on the market, marking a 2-day decrease compared to the previous year.

Pending Sales: The number of homes listed for sale has risen by 3.6% year-over-year compared to 2023. With approximately 13,000 homes currently available for purchase in Wisconsin.

Months of Supply: Wisconsin’s housing market faces a challenge with an average supply of 2 months. The state’s home demand exceeds available inventory, indicating a more severe housing shortage than the national market.

Wisconsin Housing Market Predictions 2024 

2024 Outlook: Home Sellers Rejoining the Market: After sitting out in 2023, expect a resurgence of sellers, especially those enticed by new job prospects or seeking more economical living arrangements. Analyst Whitney, renowned for her prescient forecast of the 2008 financial crisis, foresees a substantial influx of baby boomers downsizing. This could potentially contribute up to 30 million housing units.

Stabilizing Mortgage Interest Rates by Late 2024: After hitting 7.79% in October 2023, mortgage rates dropped to 7.35% in November amid economic changes.  With the annual inflation rate dropping from 3.7% to 3.2%, we anticipate rates remaining above 6% before stabilizing in the latter part of the year.

Anticipated Surge in Home Buyers: The deterrent effect of historically high interest rates in 2023 subsided with the November drop to 7.35%. This drop sparked a surge in mortgage demand. With inflation easing and rates steadying, a renewed wave of house hunters, including those assisted by Wisconsin buyers agents, is on the horizon.

Continued Upward Trajectory of Home Prices: Major metropolitan areas witnessed steady home price growth. With an average increase to $274k by January 2024. Experts foresee this upward trend persisting until the delicate balance between low supply and high demand shifts.

Rise in New Home Construction Sales: September marked a significant rise in new home purchases, comprising 12.3% of total sales. This figure represents the highest since 2022. To entice buyers in a competitive market, home builders offered concessions worth $30,000 in 2023. Expect heightened competition among builders and sellers in 2024 as they vie for buyer attention.