If you need assistance, please call 715-891-1236

Wisconsin Real Estate Market Report June 2023

Monday, July 31, 2023   /   by Julie Winter-Paez

Wisconsin Real Estate Market Report June 2023

The official halfway point of the year! I can hardly believe it... and time is flying by quicker than I can grasp.
Below is a snippet of the June Market Update for your review!

  • As you can see, new listings continue to be down, but, June saw many more listings hit the market in comparison to months earlier in the year... 12% was a welcomed stat.
  • Closed sales continue to be down and year to date we are still down in units sold by about 30%
  • Listing prices continue to climb 
  • Selling prices also continue to climb... but not by much!!
  • Average days on market is still down 
  • And months supply of inventory is also down...
Market Report June 2023.jpg

I also have been getting the question ALOT about how much our market has changed since 2019. 
So I did a little study and the below chart gives you an idea of Jan 1 - July 11, 2019 COMPARED to Jan 1 - July 11, 2023!!

  • As you can see, closed sales are down, but not by much!
  • New listings are down by over 36%
  • Average list price is up by over 36%
  • Average sale price is up by over 38% 
  • Days on market is down by 45% and months supply is down by over 73% Those are some staggering numbers!

I also looked at the higher end waterfront market to see how we are fairing since there is a lot of talk about the market simmering and normalizing...

I looked at the $1.5 million plus market historically from January 1 - July 11  and you will start to see a pattern:
  • 2019  - 1 property sold
  • 2020  -  0 sold
  • 2021  -  11 sold
  • 2022  -  17 sold
  • 2023 ytd - 12

I then looked at the $1 million - $1.5 million plus market historically from January 1 - July 11  and you will see a similar pattern continue:
  • 2019  -  4 properties sold
  • 2020  -  6 sold
  • 2021. -  9 sold 
  • 2022. -  13 sold
  • 2023 ytd - 13 

So, as you can see the aggression we saw building in 2021 seems to definitely have subsided. So, if you are a higher end seller; temper your expectations and watch the market closely so you do not miss your opportunity AND if you are a buyer... watch and be patient for where opportunities are hidden... We talk within the team a lot about changing the playing field; and you need to be working with someone who understands what that means...

...We would love to help you whether you're a seller or a buyer ... navigate this crazy whirlwind of a market...

Thanks and as always... reach out if you are curious about anything regarding the Northwoods market!

JWP Group Featured Listings: Click here!

Find Homes Now: www.BuySellLoveUpNorthWI.com

Find Out What Your Home Worth: Click here!

Northwoods Informational Site: www.thejwpgroup.com