This past year brought ups and downs to the real estate market. As we wrap up 2024, we are looking back at some of the trends we saw when it comes to real estate in Wisconsin. Here are a few worth noting.

Seller’s Market

Just like in recent years, 2024 has continued to be a seller’s market. Many homes were on the market for a short time, and many of them saw multiple offers. This means that if you sold in 2024, you likely sold quickly. However, if you’ve been looking to buy in 2024, the process may have been slower and more difficult.

Interest Rates Remain High

Rates have remained fairly high throughout 2024, settling at around 6.88% on average for a 30-year mortgage. While it decreased slightly over last year, it is still high compared to the record low rates that we saw a few years ago. Home prices have also remained high. In September of 2024, the median house price in the U.S. was $404,500, according to the National Association of Realtors (NAR).

Short-Term Rental Popularity

Over the past several years, short-term rentals, such as Airbnb and VRBO, have grown in popularity. Whether it’s a family cabin or an investment property, many people have opted to rent out their spaces in order to make some extra money. This was something we continued to see a lot of in 2024.

Rising Demand for Rural Properties

Since the pandemic, there has been a shift in what buyers are looking for when searching for their perfect property. Many people want to get out of the cities and enjoy the peace and quiet of more rural areas. The Northwoods of Wisconsin has become a popular choice for many for its natural beauty and small-town charm.

With 2024’s moderate rates and housing prices, it was a good year for those selling. As of now, there are some predictions that rates will continue to gradually decrease in the new year. Whether you’re looking to buy or sell in the upcoming year, the Patrick Schey team is ready to come alongside you through each step of the process.