Wisconsin home sales dip in 2018

But prices rose on low inventory

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Record year on track for Wisconsin housing market

Last updated on July 2nd, 2019 at 09:11 am

The number of homes sold in Wisconsin dipped 2.2 percent in 2018, compared to 2017, according to the latest report from the Wisconsin Realtors Association.

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Despite the dip, 2018 still had the third most home sales in the state since 2007, the WRA said.

“We had a very solid year for sales, even though we had weak inventories again in 2018,” said WRA
chairwoman Jean Stefaniak. “With the exception of higher-priced homes, supply has been very low, giving
sellers the clear advantage in most of the markets across Wisconsin.”

The prices of homes sold in the state rose 7 percent in 2018 to an average of $184,000. The low inventory levels of homes for sale contributed to the rise in prices, the WRA said.

“Strong demand and relatively weak supply in 2018 created significant price pressure,” said WRA
president and CEO Michael Theo. “Housing affordability has definitely slipped this year. We’ve got opposing forces when you look at changes in income, home prices and mortgage rates. On the one hand, the strong economy has increased family income levels, which tend to improve affordability, but that’s countered by strong price appreciation and the upward drift in mortgage rates.”

Home sales slowed at the end of the year in the state, with the number of sales down 13.1 percent compared to December of 2017. Home sale prices in the state were up 5.3 percent to $179,000 in December.

For the eight county southeastern Wisconsin area, sales were down 2.3 percent in 2018 but median home sale prices rose 6.4 percent.

2018 home sale prices by county, according to the WRA:

  • Washington, $237,250, up 10 percent
  • Racine, $169,900, up 9.3 percent
  • Walworth, $210,000, up 7.7 percent
  • Ozaukee, $297,500, up 7.2 percent
  • Sheboygan, $150,000, up 6.4 percent
  • Kenosha, $174,900, up 6 percent
  • Milwaukee, $158,000, up 6 percent
  • Waukesha, $289,900, up 5 percent

Read more economic data reports at the BizTracker page.

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Andrew is the editor of BizTimes Milwaukee. He joined BizTimes in 2003, serving as managing editor and real estate reporter for 11 years. A University of Wisconsin-Madison graduate, he is a lifelong resident of the state. He lives in Muskego with his wife, Seng, their son, Zach, and their dog, Hokey. He is an avid sports fan and is a member of the Muskego Athletic Association board of directors.

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