| By Neil Johnson, reporter/anchor, Big Radio |
A slight increase in the inventory of homes on the market in Rock County is making it a little easier for home buyers to find a place.
Yet, regional residential Multiple Listing Service data shows the uptick hasn’t necessarily made it any cheaper to buy a house here.
December data from the South Central Wisconsin MLS shows there were about 40 more houses available in Rock County compared to the 203 on the market in the winter of 2022.
But Rock County, like most of Wisconsin, only has about a third of the existing housing stock needed to reach what sellers and buyers would consider a “balanced” market.
Average sales prices for existing homes here climbed about $274,000 and that’s a 7.5% price jump here compared to last winter. That’s even as home sales overall dipped 6%, MLS data shows.
The Wisconsin Realtor’s Association in a new monthly report this week says home sales could pick up a bit this spring, following the Fed easing interest rates late last year. Meanwhile, Rock County’s jobless rate dipped to 2.9% last month, signaling a return to what economists consider “full employment.”
Lower interest rates might make mortgages more affordable, which the Realtor’s Association says could indirectly signal a brighter market that could prompt more people to list their homes for sale.
