In short, I believe we can say that real estate in Door and Kewaunee Counties has returned to sensible levels after two years of high prices and low inventory.
This is certainly obvious by taking a quick look at median prices for the last three years. Information is gathered from the Door County Multiple Listing Service (MLS). From 2020 to 2021, we saw median price for all type properties in the two counties grow at a modest rate of 3%, from $180,000 to $185,000. Now for 2021 to 2022, the median price skyrocketed by 30% to $240,000. The following year, 2023, the advance was 25%, increasing to $301,000. A 56% increase in just two years is not healthy in the real estate business. These numbers apply to all type properties from residential (inland and shore homes) to commercial, plus vacant land and condos (residential and hotel).
The most prevalent property type, of course, is residential inland homes. In Door County, median price increased from $411,200 to $425,000…a modest 3%. Kewaunee County saw a jump of 10% from $215,500 to $237,000. Remember these numbers apply only to residential inland homes.
Vacant land is another story. Here we saw a rather dramatic uptick in values, moving from a median price of $97,750 to $125,000 for a 28% jump. A word of caution with vacant land. Values depend so much on things like location, type, condition, rural, in-town, zoning, soil type, wooded or open, etc.
With changes like this happening in our two-county markets, it becomes even more important when considering selling or buying a property to contact a real estate professional. Here at ERA Starr Realty, we have followed the real estate markets in Door and Kewaunee since 1954 and our professionals follow all current activity in these markets. “We Are Always There For You”! – Dennis J Starr, Chief Statistics Officer
