With fall in the air and temperatures cooling down, you might think that this “red hot” housing market might be taking a rest. Well, the statistics for October show that just isn’t true.
The sales pace for the Door County Multiple Listing Service (MLS), although down slightly from last year (135 transactions vs. 161), rendered a dollar volume that increased from $51.7 million to $52.6 million. In a nutshell, this ultra-strong market appears to be with us for the foreseeable future, however long that might be.
Of special note, with October volume the last 2 years exceeding $50 million each year, the third strongest October in the last 8 years checked in at $30.1 million back in 2017.
Certainly the primary reasons for this strong market include very low interest rates, many buyers with deep cash pockets, desire to flee the big city, ability to work from home, surging stock market, etc. etc. Many elements have come together to create a home buying climate I personally have not witnessed in my 52 years as a real estate agent in Door/Kewaunee Counties.
Naturally, along with all this activity, comes an upward push in prices. Year-to-date, October showed a median price for the MLS at $180,000. Prior to 2020, the strongest YTD October median price was $162,000 in 2018. These numbers were for all types of properties from commercial to residential and everything in between.
Median prices YTD thru October for the last three years of residential inland homes were as follows: 2019 – $184,750, 2020 – $223,000, and 2021 – $268,950. That’s an increase of 46% in just 3 years. Amazing!!
ERA Starr Realty has been a major part of the real estate scene in Door/Kewaunee Counties since 1954. We pride ourselves in keeping up to date in market condition to help serve our customers and clients. We are “Always There for You!”