Defy the data
Photo by WJFW Newswatch Jan.
Story by Cooper Henckel
Local news Published on 6/21/2021 3:14 PM, last updated on 6/21/2021 3:27 PM
Northwoods – The Wisconsin Realtors Association’s May report looks at the Change of the Year (YTD) in major market drivers from May 2020 to May 2021.
Wisconsin has done well overall, with home sales up 10.6%, with median home prices increasing accordingly. This also applies to most of the north.
Sales in the region doubled the state average, but the median price remained fairly constant, 0.2% higher, even though sales were 100% higher. This suggests that the North region had more inventory than other regions, allowing for higher sales without market factors increasing costs while demand remains high.
The individual counties tell a more complicated story. Most follow the regional trend, but – Oneida and Langlade Counties are particularly unique. The home sales in these counties exceeded the price increases by ten times!
Oneida has seen sales up 35% since last year, but the average price jumped a staggering 4.4%.
Langlade County is even more dramatic, with sales up 56.6%, but prices are rising even less than Oneida County’s (4.3%) – an average of $ 5,000.
The WRA report shows that demand remains high and supply remains low across the state, especially for cheaper properties. The districts of Oneida and Vilas both have a housing stock of around 2.2 months in the medium price range.
Overall housing affordability in the state fell (-7.1%) due to a sharp rise in median housing costs. This trending data suggests that here in Oneida and Langlade counties, where homebuyers may still have a chance of finding something affordable, may be counter-traded.