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Slower Appreciation, More Buyer Options! | Polk County Wisconsin Housing Market Update 2023

In this video, local realtor Ben Wheeler provides an in-depth update on the monthly housing market in Polk County, North West Wisconsin. He starts by discussing the decrease in available homes for sale in the county, which has dropped by 8.3% compared to the same period in 2022, leaving only 77 homes currently on the market. In addition, the number of new listings coming to the market has decreased by 14.3% compared to 2022, with only 66 new listings recorded year to date. Despite these numbers, Ben assures viewers that the months' supply of homes on the market is still under two months, indicating that the market is still relatively healthy. The days on the market for properties have slightly increased, with homes taking 61 days to sell compared to 57 days in 2022. This increase in days on the market may not necessarily be a cause for concern, as it can reflect a more normalized market compared to the previous few years. In terms of the number of homes sold, there was a sharp drop of 69.2% in February 2023 compared to the same period last year. The year-to-date sold homes are down 57% in Polk County, indicating a cooling down in the local housing market. However, the median home price in Polk County continues to rise year over year, increasing to $276,000 in February 2023, up 8.6% compared to 2022. This shows a slowing down of appreciation and again is an indication of a more normalized market compared to the 25% median price increase we saw in 2022. New construction in Polk County has seen some improvements in the past month and is growing to pre-pandemic levels. The continued growth in new construction is a positive sign for the local housing market, indicating that the demand for housing in the area remains strong. Despite concerns about a potential market crash, there have been no indications of an increase in foreclosures in Polk County in 2023. This is good news for homeowners and homebuyers alike, as it suggests that the housing market in the area remains stable and secure. Ben also addresses the issue of high mortgage rates, which are currently at just under 7%. He advises buyers not to let this discourage them from getting into the housing market. Those who are waiting for rates to come down to under 3%, as we saw in 2021, may be waiting for a long time, and it's unlikely that we will see those rates again. Instead, buyers should consider the long-term benefits of investing in a home, which can provide both financial security and stability. Finally, Ben mentions that despite the decrease in new listings, sellers are more agreeable to contributing towards buyers' costs and inspections. In some cases, buyers are even looking at options that allow them to buy down the rate. This can be a great opportunity for those looking to purchase a home, as it can help to reduce upfront costs and make it easier to get into a home. If you're interested in learning more about the local housing market in Polk County, North West Wisconsin, don't hesitate to contact Ben. He's a local realtor who has years of experience in the area and can provide valuable insights and advice to help you make informed decisions. Be sure to subscribe to his channel for more updates on the latest housing market news and trends in Polk County, North West Wisconsin.