Navigating the Current Housing Market: Stable Prices and High Demand

With the media constantly reporting that the housing market is crashing, but demand is still high, you might be confused about what the market is actually doing. We are here to help you weed through the reports and get to the reality.

The Wisconsin Realtors Association recently released reports for this past August, and they reveal that we still have a shortage of inventory. Currently, the state of Wisconsin has 2.8 months of inventory, compared to 3.3 months of inventory in August last year.

The median home price stands at $271,000, representing an 8.4% increase over last year's median home price of $249,950. These statistics prove that the housing market is stable. However, rising interest rates have impacted buyers' purchasing power, making it slightly less than what it was a year ago.

As a buyer, it's crucial to know that the market is stable and be aware of your spending limits. Understanding the current market conditions will help you make informed decisions. As a seller, you are in a favorable position to sell, as prices are stable, and there is a strong demand for housing.

Contact one of our agents at Castle Rock Realty today to discuss the market in detail. Our experienced professionals can provide valuable insights and guidance to navigate the current housing market with confidence.