MILWAUKEE — The price of a home in January 2024 typically for sold $7,500 less than a home in January 2023, coming to about a 2% decrease in home values, according to WTMJ’s news partners at the Milwaukee Business Journal.
It’s an interesting time for the real estate market, but realtor Holly Gamblin says buyers and sellers shouldn’t be afraid to get in. She says it’s not a phenomenon that’s unique to southeast Wisconsin.
“The demand for housing now is still strong despite rising interest rates because of buyer demand,” Gamblin said. “There’s just not enough inventory. This is both a local and national trend.”
For homes across the state, the Wisconsin Realtors Association has stated the median price for homes in Wisconsin has risen. Additionally, the number of sales and listings has also increased.
From her perspective, Gamblin said she does not expect any drastic changes in the housing market soon. Heightened tensions during an election year could spur changes, depending on how the mortgage industry reacts to it.
Gamblin referenced buyers who were waiting to enter the market after interest rates decrease and advised them not to get their hopes high:
“To those that are waiting for interest rates to drop to 4% again, don’t hold your breath,” said Gamblin. “Rates have never hit the low they did in 2021 and 2022.”
Interest rates are fluctuating between six and seven percent, currently. According to Zillow, the average home price in Milwaukee is $187,274.
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