March 2023 Market Update

The real estate market is shifting from a seller's market to a more stable market.  Buyers are happy for more inventory and sellers are pleased with sales prices continuing to rise in certain pockets of the state.  With that being said, buyers must remain competitive and must be ready to act quick.  In select cases, sellers are still receiving north of 50 showings and 10 offers.  Overall, we are starting to see less offers way over asking but there are still cases of this.  Navigating this market can be a struggle and it is key to be educated on the local area before you decide to sell or start your home search.  

Washington County - A total of 89 homes were sold in March 2023.  Compared to February, the number of homes sold increased by 30, over a 50% increase.  Month-over-month, median list price ($329,900) fell by 17.52% and median sale price ($365,000) increased by 9.93%.  In addition, the average number of days on market was 28 days, a 5-day decrease month-over-month.  The sales/list price ratio in March was 100.34%, 2.17% higher than February.  

Waukesha County - A total of 283 homes were sold in March 2023.  Compared to February, the number of homes sold increased by 72, a 34.12% increase.  Month-over-month, median list price ($415,000) & median sale price ($406,500) both increased by 13.72% and 1.62%, respectively.  In addition, the average number of days on market was 26 days, a 2-day decrease month-over-month.  The sales/list price ratio in March was 101.51%, 1.5% higher than February.  

Please see below for statistics specific to Menomonee Falls and Sussex.  Please reach out for any questions.  *To avoid any confusion, please see below graphics for definitions on real estate terms and lingo. Data & Statistics from MetroMLS.