Why a 4.0% increase in Wisconsin home values may not apply to YOUR home
Home Prices up 4% in Wisconsin
The Federal Housing Finance Agency’s latest Home Price Index for the second quarter of 2015 (Q2 2015) shows home values are up 4.0% on average on Wisconsin residential properties. But that varies from a low of 1.8% in the Superior/Duluth Metropolitan Statistical Area (MSA) to a higher of 5.9% in the Janesville/Beloit MSA.
And yet the real question most homeowners might want to know is how does their current value compare to its peak value back in the summer of 2006? The comparison to peak values varies even more between metro areas within the state as shown in the table below. The Kenosha WI/ Lake County IL MSA is still 17.1% below peak values, and Racine is still 13.8% under the high watermark values of 2006. Meanwhile, Wisconsin MSAs to the west and northwest part of the state are fairing the best with LaCrosse home prices now 10.4% higher than peak prices and Eau Claire 4.5% higher.
Remember, even within a metro area, there can be wide variations in home price appreciation. The $1 million and up market is much different in Waukesha County for example than the $300,000 to $400,000 price range say in Brookfield, which has been “on fire” according to local real estate agents along with other sub-markets like Whitefish Bay.
How much is your home worth now?
The only time you know for sure what your home is worth is when you stand up from the closing table with a check in your hand, having just sold your home. In the meantime, the value of your Wisconsin residential real estate is very likely higher than it was a year ago, and definitely higher than at the bottom of the market which occured in 2012 (yes, 2012, not 2009). But as to whether or not you’re all the way back to its peak value from the 2006-2007 timeframe depends on where its located within our fine state.
| MSA | Q2 ’15 to Q2 ’14 | Q1 ’15 to Q2 2006 | 2006 Value | Q2 2015 | 2015 v 2006 | Q1 2014 | Q1 2015 v Q1 2014 |
| Appleton | 3.2% | 1.0% | $ 198,000 | $ 200,000 | $ 2,000 | $ 193,600 | $ 6,400 |
| Chicago | 2.8% | -16.5% | $ 233,000 | $ 200,000 | $ (33,000) | $ 194,400 | $ 5,600 |
| Eau Claire | 3.7% | 4.5% | $ 191,000 | $ 200,000 | $ 9,000 | $ 192,600 | $ 7,400 |
| Fond du Lac | 2.1% | -1.9% | $ 203,800 | $ 200,000 | $ (3,800) | $ 195,800 | $ 4,200 |
| Green Bay | 1.9% | -4.6% | $ 209,200 | $ 200,000 | $ (9,200) | $ 196,200 | $ 3,800 |
| Janesville/Beloit | 5.9% | -5.6% | $ 211,200 | $ 200,000 | $ (11,200) | $ 188,200 | $ 11,800 |
| Kenosha / Lake County | 4.9% | -17.1% | $ 234,200 | $ 200,000 | $ (34,200) | $ 190,200 | $ 9,800 |
| LaCrosse | 3.1% | 10.4% | $ 179,200 | $ 200,000 | $ 20,800 | $ 193,800 | $ 6,200 |
| Madison | 3.7% | 2.1% | $ 195,800 | $ 200,000 | $ 4,200 | $ 192,600 | $ 7,400 |
| Milwaukee | 5.2% | -3.9% | $ 207,800 | $ 200,000 | $ (7,800) | $ 189,600 | $ 10,400 |
| Minneapolis/St Paul | 3.9% | -7.0% | $ 214,000 | $ 200,000 | $ (14,000) | $ 192,200 | $ 7,800 |
| Naples | 11.5% | -31.4% | $ 262,800 | $ 200,000 | $ (62,800) | $ 177,000 | $ 23,000 |
| Racine | 4.6% | -13.8% | $ 227,600 | $ 200,000 | $ (27,600) | $ 190,800 | $ 9,200 |
| Duluth/Superior | 1.8% | 1.1% | $ 197,800 | $ 200,000 | $ 2,200 | $ 196,400 | $ 3,600 |
| Wausau | 2.4% | -1.1% | $ 202,200 | $ 200,000 | $ (2,200) | $ 195,200 | $ 4,800 |
| Wisconsin | 4.0% | -1.90% | $ 203,800 | $ 200,000 | $ (3,800) | $ 192,000 | $ 8,000 |
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