Home sales last month hit a new record for the month of July. Sales were up 7.6% compared to the previous record set in July 2019, according to the Wisconsin REALTORS® Association’s (WRA) latest home sales report. Median home prices increased over 10% in July, compared to the respective month last year.
On an annual basis, home prices in Wisconsin have been appreciating quickly. Luckily for buyers, record low mortgage rates have helped offset the high home sale prices. Last month, the 30-year fixed mortgage rate was 3.02%, compared to 3.77% just a year ago.
Homes and condos are selling quickly, often at or above the listing price. Since the usual busy spring real estate market was disrupted this year, it is expected that demand will remain consistent through the fall season.
Home values are up, so if you’re thinking about selling now is the time. The rise of new construction in the local area, and the unpredictable effects of the looming economic recession could result in a swell of homes on the market in 2021. As a result, we could see a more balanced market.
To find out the value of your home in today’s market or to start searching for your new home, our team can help. To discuss your real estate needs, please don’t hesitate to contact us.
We have extended our promotion for a FREE 1 year home warranty, up to a $500 value, when you purchase or sell a home with Oconomowoc Realty. Learn more about our promotion HERE.