July ushered in the second half of 2023 with a very interesting view of what is happening with the real estate markets in Door and Kewaunee Counties. The numbers tell it all. But the question remains: WHY?
Let’s start with Median Price. We were astonished back in 2022 when we saw median price for the first half of the year climb from $151,250 to $200,000. That’s a rather fat increase of 32%. Now for this year…here we see median price increase to $280,000, or 40% over 2022! These kinds of numbers are unheard of in the real estate business.
Alert! Alert! The median price numbers quoted above apply to ALL types of properties from commercial to vacant land to condominiums to residential homes, etc. Inland residential home prices for the Door County Multiple Listing Service (MLS) jumped from $291,000 last year during the first six months to $335,000 so far in 2023 for a solid 15% increase.
Along with the increase in median price came a decrease in number of sales. 2022 showed 548 sales for the first six months of the year while the total number of sales this year through June was 357. That’s 191 fewer sales here in 2023.
Now the WHY. Higher interest rates took many lower-end buyers out of the market while upper-end buyers, many with cash, flourished. This coupled with the realization that life in the big city had lost much of its luster and business could be conducted from afar in this new high-tech society.
Here at ERA Starr Realty, we understand the demands of buyers and sellers in today’s real estate market. We are in constant touch with all the happenings that affect this industry and pass on changes to our customers and clients to help them make informed decisions. We are “Always There For You”!
