Market Update: January – June 2021
We’re now half way through 2021 and our market shows no signs of slowing down. More inventory has been added in recent months, which has slightly eased pressure on buyers. However, we are still in a “seller favored” market, and the supply of “entry level” homes under $200,000 remains very low. Home prices continue to rise across south central Wisconsin, with the highest increase seen in Dane County. Interest rates remain low, and likely will continue to hover around the 3% mark for the near future. Click here to see a full report for all of south central Wisconsin with statistical graphs from the RASCW and SCMWLS.
So what does the future of real estate in our area look like? Probably much of the same for the near future. Covid recovery and higher employment numbers are stimulating the economy and housing market, but inventory remains low. Buyers should still expect competition, especially for more affordably priced homes. In Dane County specifically, there are fewer lower priced homes available. This is causing some buyers to move to surrounding communities and counties. That increased demand is driving up prices in those areas as well. Whether you are buying or selling this year, you should work with an agent that you can trust to stay up to date on current market conditions, which can always change quickly.