As always, January gives us little indication on how the real estate markets in Door and Kewaunee Counties will evolve. The first couple months of any new year are typically the slowest and activity is minimal. With this being the case, this newsletter will be a more in-depth summary of the residential housing market and how it has evolved over the last several years.
Last month we summarized residential values comparing 2021 to 2020. This month we will review median price changes over the last three years and focus on the rather dramatic increase in values in the last two years.
Door County Residential Inland Home Sales: Median prices 2019 to 2021 were $190,000, $226,500 and $300,000 respectively. That’s an increase of 58% in 3 years!
City of Sturgeon Bay: $158,000 (2019), $182,000 (2020) and $223,500 (2021) for an increase of 41%.
Kewaunee County: $129,000 (2019), $145,200 (2020) and $157,500 (2021) – a 22% increase in median price.
Prior to 2020, increases in value were generally under 10 percent. Starting in 2020, we have watched values jump in double figures for pretty much all types of properties. Here are some of the property types which showed double digit increases:
Residential Waterfront up 16% to $608,750
Vacant Land up 16% to $50,000
Residential Condos up 17% to $349,900
Hotel Condos up 52% to $127,000
To say this is a crazy market is an understatement! That is why sellers and buyers need the help of professional Realtors when considering their real estate needs. We at ERA Starr Realty review the market on a daily basis and are prepared to assist you. We Are Always There For You!