The first half of 2021 is now history for the real estate markets of Door and Kewaunee Counties, and it has left most of the very experienced and knowledgeable real estate professionals not only in our market area but statewide and nationwide scratching their heads. This includes me and my 52 years as a full-time area Realtor!
The first six months of 2021 compared to 2020 says it all:
- 663 sales in 2021 compared to last year’s 378 is a 75% increase!
- Sales volume of $168.0 million vs. $82.5 million is more than double!
These 2 indicators may well reflect the turnaround in the market that likely is unprecedented in several decades. I’m not sure, but these 2 indicators plus the dramatic conditions created by a demand market that far surpasses supply have created a buying frenzy for residential real estate that is characterized by:
- Tremendous buying pressure on most all residential homes and condos.
- Homes selling for full list price and in many cases over list price by thousands.
- Multiple offers on many homes.
For Door and Kewaunee Counties, all this resulted in home prices jumping from a median value in 2020 of $190,000 to $250,000 in 2021. That’s an unheard of increase of 32% in just one year.
Next month we will break down this increase as it pertains to the different areas of the two-county area. As we know, values in Northern Door County are much higher than home prices as we move south into Kewaunee County.
All this makes it much more important to seek out a professional with access to the latest market information when addressing your real estate needs. Here at ERA Starr Realty, we make it a point to keep current with market conditions so we can provide meaningful information to our customers and clients.
At ERA Starr Realty, we are always there for you!