Real estate action in Door and Kewaunee Counties continued on a pace that is marked by a decreasing number of homes sold, shrinking inventory of homes for sale, and consequently, higher prices. This has been the situation since 2021 and applies to all types of properties from residential to commercial to vacant land to condominiums, etc.
In 2021 the median price of a property sold in the Multiple Listing Service (MLS) through August was $165,000. There were 995 total sales.
In 2022 the median price jumped to $220,000 with 745 sales.
2023 median price exploded to $282,500 for the first eight months of the year, with 526 sales generated.
That’s a 71% increase in property values in just three years!
On top of that, we find that selling time dropped rather dramatically over the same 3 years from days on market (DOM) of 250 days in 2021 to 128 DOM here in 2023.
During this time we find residential home sales following the same pattern. Fewer sales…higher prices. Median price for residential homes moved from $261,250 in 2021 to $297,000 in 2022 with 241 sales compared to 290 in 2021.
Thus far this year median price for residential inland homes checks in at $339,000 with 181 sales. That’s a 30% increase in value in three years.
Here at ERA Starr Realty we pride ourselves in keeping in touch with market activity on a daily basis in order to best serve our buyers and sellers. We are “Always There For You!
