With a third of the year in the books, you would think we could begin to see a path as to what the rest of the year will bring. No so!! With the country in such turmoil on so many levels, it’s very difficult to forecast just where the markets are headed – but we will try.
One thing is for sure. With the supply side of the market so limited, prices will remain strong. How long it takes for supply to catch up with demand is anyone’s guess. Higher interest rates will temper demand somewhat, but there continues to be a whole lot of cash buyers disenchanted with the stock market and looking to purchase property in places like Door and Kewaunee Counties.
Median price for the first 4 months of 2022 was $175,000 compared to $139,900 in 2021. That’s a 25% jump. Of note, these numbers take into account ALL type properties in our Multiple Listing Service (MLS) from vacant land to condominiums. With a shortage of homes for sale, vacant land sales have increased dramatically, which lowers the overall median price.
Median price for inland residential homes in 2022 for the first 4 months of the year was $258,700. In 2021 thru the first 4 months, the median price was $230,750, or an 11% increase. Just to put things in context, the year 2019 showed a median price for homes at $190,000. That equates to a 36% increase in median price 2022 over 2019.
The general consensus in the industry for Door and Kewaunee Counties is that the pace of sales will decrease somewhat as the year rolls on. Prices will remain strong with most homes selling for over listed price. A local appraiser assures me that building costs are at historically high numbers and builders are so busy, it may take a year for construction to start.
It’s this kind of market where buyers and sellers need the guidance of professional Realtors. Our seasoned associates here at ERA Starr Realty are “Always There For You!”
