Where Wisconsin real estate prices are rising the fastest (and slowest) in 2021
Houses are selling faster, and for higher prices, as the hot housing market continues across the state.
More than 38,500 homes have been sold in Wisconsin through the first half of the year, according to data from the Wisconsin Realtor’s Association. That’s up 8.4% from 2020 as the hot housing market shows no signs of cooling off.
Inventory is tightening, which pushes up prices.
The median sale price is up 11.9% from 2020 through the first six months of 2021. The statewide median sale price through the first half of 2021 is $235,000. The tightest segment of the market is homes below $350,000
“Homes continue to move very quickly, and buyers have been aggressive in their bidding,” said Mary Duff, 2021 chair of the WRA Board of Directors, in a news release.
“It’s common to see multiple offers when a home hits the market, with the successful buyer coming in with few if any contingencies and even waiving inspection requirements. We expect these conditions to continue through the summer and into the fall.”
The hot selling has not been evenly spread across the state. The strongest growth in sales is in the northern, southeast, central and south-central regions. Sales in the northeast and west also have increased, but minimally.
“We’re in this pattern of very strong demand and very weak supply, and that’s a formula for ongoing affordability issues,” said Michael Theo, president and CEO of WRA.
Here are the counties with the largest and smallest price swings so far this year.
Pepin County, 57%
Rural Pepin County on the western edge of Wisconsin has experienced the largest housing price increase in the state so far this year. The county’s western edge sits along the Mississippi River. Median sale prices for homes in Pepin County are up 57% through the first six months of the year over 2020, according to WRA data.
Bayfield County, 41.6%
In rural Bayfield County, median sale prices are up 41.6%, according to WRA data. The county along Lake Superior in northwestern Wisconsin now has an average sale price of $235,000. It was $166,000 through the first six months of 2020. In the first half of 2021, 167 homes were sold.
Sawyer County, -4.6%
The median sale price of a home in Sawyer County is slightly down from this time last year. In rural Sawyer County, which includes popular vacation spot Hayward, the median sale price is down 4.6% through the first six months of 2021. The median sale price is $236,000, down from $247,500 at this time in 2021. More than 200 homes have sold in the county so far this year.
Oneida County, 1.3%
Homes in rural Oneida County are selling for slightly more than at this time last year. Oneida County includes Rhinelander and Minocqua. The median sale price is up 1.3% to $192,950, according to WRA data. The median sale price through the first six months of 2020 was $190,500. More than 400 homes have sold in the county through the first six months of 2021.