|Closing Conducted by:||Lenders, Title Companies, Attorneys|
|Primary Foreclosure Method:||Judicial|
|Process Period:||6 - 10 months|
|Notice of Sale:||Sheriff|
|Median Property Tax:||1.76%|
|Property Taxes by County:||http://www.tax-rates.org/wisconsin/property-tax#Counties|
Median Home Value: $213,537
1-Year Appreciation Rate: +9.6%
Median Rent Price: $1,200
Price-To-Rent Ratio: 14.82
Average Days On Market: 63
Unemployment Rate: 5.5% (latest estimate by the Bureau Of Labor Statistics)
Population: 5,822,434 (latest estimate by the U.S. Census Bureau)
Median Household Income: $61,747 (latest estimate by the U.S. Census Bureau)
Percentage Of Vacant Homes: 12.28%
Foreclosure Rate: 1 in every 12,130 (0.8%)
Langlade: (1 in every 3,118)
Ashland: (1 in every 3,217)
Jackson: (1 in every 3,299)
Juneau: (1 in every 3,750)
Burnett: (1 in every 3,853)
As recently as January of this year, the monthly average commitment rate on a 30-year fixed-rate mortgage was 2.74%. Rates remain under three percent but are expected to rise as the Fed expects the "reopening" of the economy to stimulate healthy activity. Despite expectations, prices are still low and will keep promoting buying activity over the course of 2021. The increased activity will most likely increase competition and home values at the same time.
With a 14.82 price-to-rent ratio, buying and renting in the Wisconsin real estate market are equally affordable. As a result, more people may turn to buying because it's often seen as the superior alternative. If that's the case, the state's already low inventory levels will be under more pressure, and prices will increase.
Home values in Wisconsin have increased for nine years, which means profit margins on flips have dropped. Investors are still free to conduct rehabs, but long-term rentals are more viable under the market's current conditions.
Buyers will seek affordable alternatives like Janesville: Located between Madison and Chicago, Janesville's location may attract buyers looking for cheaper alternatives. More millennials, in particular, may start calling Janesville home because of its proximity to larger cities in Wisconsin, but at a lower price point. At $195,778, Janesville's median home value is nearly $18,000 less than the state average. Prices have already increased 12.6% in the last year, and the trend should continue.
Inventory will drive appreciation: Prices in the Wisconsin real estate market have increased for nine consecutive years. While the driving force behind the latest bought of appreciation may be attributed to several factors, a distinct lack of inventory is perhaps the most prominent reason prices have risen so much. The Coronavirus has also prevented builders from adding to inventory, which only compounds the inventory shortage. As a result, prices should increase for the foreseeable future.