Study: Wisconsin real estate value increases at fastest rate in 15 years

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ASSOCIATED PRESS

MILWAUKEE — A new study shows Wisconsin’s housing market is strong with the total value of homes and other property sold in 2021 increasing at the fastest rate in about 15 years.

The Wisconsin Policy Forum study said revenue from fees on real estate sales totaled more than $132 million during the fiscal year ending June 30. That compares with nearly $97 million in revenue for the prior fiscal year.

The nonpartisan civic group’s report said the 2021 real estate market was driven by historically low mortgage rates.

The Wisconsin Realtors Association said other factors include strong demand from millennials reaching ages in which people often buy homes, along with a limited supply of homes, the Journal Sentinel reported.

The median value of single-family residential properties transferred in Wisconsin increased from $126,500 in 2016 to $170,000 in 2021, an increase of about 34%.

More than half the increase came in 2020 and 2021, with statewide increases of 7.7% and 7%, respectively, according to the forum.

“While these increases were broadly shared, they were particularly robust and sustained in many of the state’s large urban counties,” the report said.

That includes Milwaukee, Dane, Brown, Outagamie, Winnebago, Kenosha and Rock counties.