Wisconsin Homes will Remain in Great Demand in 2019
The state's housing market will largely remain a sellers' market
MADISON, Wis., Dec. 19, 2018 /PRNewswire/ -- Today, RE/MAX INTEGRA, Midwest released its 2019 Housing Market Outlook Report providing insight into the latest housing data and trends from 2018 as well as predictions for the housing market in Wisconsin for 2019.
RE/MAX INTEGRA, Midwest brokers anticipate Wisconsin's competitive sellers' market to continue in most areas of the state in 2019. Although mortgage rates remain historically low, brokers predict with rates expected to climb to 5-6 percent in 2019 that buyer demand may slightly wane.
RE/MAX brokers report that an extended lack of inventory over the last three years may contribute to fewer homes bought in 2019. Wisconsin's housing market experienced the following from January through October 2018 compared to the same time period in 2017:
- Median sales price increased 5.1 percent to $182,500.
- Average days on market decreased 11.76 percent to 75 days.
- Number of homes sold slid by 2.16 percent to 7,295 homes sold.
"We are seeing what is being called a tale of two markets. People who wanted to purchase homes in primary markets or large cities are moving outside to tertiary markets and smaller towns, which has put a huge amount of pressure on those markets, causing prices to rise. However, we are seeing a bit of a stall in some primary markets because home buyers are pushing back on urban prices and choosing tertiary markets to get more home for their dollar," said Fiona Petrie, vice president and managing director for RE/MAX INTEGRA US operations. "Homes in Wisconsin are overall affordable and the outlook for housing in 2019 is strong. Experts predict we may see a general economic slowdown, but that won't happen until late 2019 or 2020. But real estate is not the protagonist. Buying a home will remain the most stable investment a buyer can make today and into the future."
Several factors caused tight inventories and increased prices, and these factors are likely to remain in 2019:
- Sellers not willing to sell out of fear of either not finding the next home within their budget.
- Millennials, a large portion of the population, are buying homes.
- Home builders are not able to keep up with demand.
- Large employers including Foxconn are expanding workforces.
Click here to view the full 2019 Housing Market Outlook Report and the attached snapshot of key real estate markets across Wisconsin, including data and insights from RE/MAX brokers.
About RE/MAX INTEGRA, Midwest
RE/MAX INTEGRA, Midwest is the regional entity for RE/MAX franchises in Indiana, Minnesota and Wisconsin. Since its inception in 1985, the region has grown to more than 280 offices with approximately 4,100 sales associates, providing residential and commercial real estate, as well as relocation and referral services.
SOURCE RE/MAX INTEGRA, Midwest
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