We’ve got a whole bunch of stats coming at you to round out the end of a wild 2020 home buying and selling experience. With yet another new low home mortgage rate at 2.66%, we can tell you now that we don’t expect those rates to budge any time soon. Scan through the rest of our Wisconsin home sales statistics to prep for 2021!
Home Sale Stats in Metro Milwaukee for 2020
People are on the move! 2020 is a record best year for single-family detached homes and condo sales in southeast Wisconsin. According to the National Association of Realtors, the previous record for all of the following home sale stats was back in 2017.
Home Sale Highlights
- Home value for November is up 29%, or $1.5 billion from 2017
- Total home sale value was $6.6 billion more than 2017
- Median sales price is $248,000, compared to $199,000 in 2017
- Listings are down 6% from 2017
- Statewide inventory is down 31% from 2017
But wait. Why are listings down only a little bit, but inventory is down a whole bunch? Houses are selling faster, that’s why. Homes are selling twice as fast as they did back in 2017. Currently, metropolitan counties in Wisconsin have roughly a 2.6 month supply of homes. Micropolitan counties have a 3 month supply. Rural counties have the most, with a measly 3.8 month supply of homes to buy.
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How long do houses stay on the market?
Not long. They’re going in a matter of days. We’ve rounded up the list of top communities with the fastest home sales, from the time the listing goes live, to the time of an accepted offer, these are the average number of days homes stay on the market:
- Hartford: 22 days
- Mukwonago & Whitefish Bay: 21 days
- New Berlin, Burlington & Brown Deer: 20 days
- West Bend: 19 days
- Oak Creek: 17 days
- Tosa, Greenfield & Lisbon: 16 days
- Germanton: 14 days
- Cudahy: 13 days
- Hales Corners: 8 days
Wow… that’s fast! While it’s great that homes are selling so fast, there’s just one problem: In order to move, you’ve got to find another place to live. And that’s not easy right now because of supply and demand. With so many people moving right now, 54% of home offers ended up in a bidding war in November.
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RedFin Housing Market Predictions for 2021
Based on what we’ve experienced in 2020, a lot of real estate predictions for next year come as no surprise to us. RedFin had some solid housing predictions for 2021, which we’ve outlined here:
- Mortgage rates will remain historically low (at or below 3%).
- There will be more home sales than in any year since 2006, but price growth will slow.
- There will be more new homes built than in any year since 2006
- The number of relocating Americans will be the highest in 16 years, which will help economies of more affordable places, like small- to mid-sized cities.
- The homeownership rate will reach 70% for the first time since 2005.
- Cities like San Antonio & Tampa Bay will be the hottest housing markets compared to their sister cities, like Austin or Miami, because of 24% lower cost of living.
- Expensive cities will invest in their culture & lifestyle to attract those residents and tourists who are moving to smaller, more affordable cities.
- Most homebuyers will make an offer on a home site unseen.
- 2021 will usher in a new era of price competition for real estate agents.
- Everything associated with buying & selling will be offered at one-stop shops.
Did you notice you keep seeing 2006 up there? Don’t be scared… the market isn’t the same as it was back then. Yes, people were buying homes at a really fast rate back then, but keep in mind it’s because people were getting approved for loans they shouldn’t have been approved for. The current market is different. The rates are different, the reasons for moving are different, and affordability is different. We’re expecting great things from the housing market in 2021. Happy New Year!
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