May 2023 Market Update

More homes are hitting the market and buyers and closing on a quicker timeframe relative to a month ago.  With the school year being over and summer upon us, "backseat" buyers are becoming active again.  However, high(er) interest rates are hampering possible listing opportunities.  For example, someone locked in at an interest rate of 2.5% does not find it attractive to sell and buy close to 7%.  If you are thinking of making a housing move, be sure you are educated on your local area as the market is moving quickly.

Washington County - A total of 122 homes were sold in May 2023.  Compared to April, the number of homes sold increased by 24, resulting in a 24% increase.  Month-over-month, median list price ($374,900) and median sale price ($361,500) rose by 12% and 3%, respectively.  In addition, the average number of days on market was 22 days, a 5-day decrease month-over-month.  The sales/list price ratio in May was 102%, 0% change relative to April.  

Waukesha County - A total of 399 homes were sold in May 2023.  Compared to April, the number of homes sold increased by 63, a 19% increase.  Month-over-month, median list price ($450,000) & median sale price ($435,000) both increased by 7% and 1%, respectively.  In addition, the average number of days on market was 21 days, a 0-day change month-over-month.  The sales/list price ratio in May was 104%, 1.0% higher than March.  

Please see below for statistics specific to Menomonee Falls, Sussex, & Lannon.  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.