Brown County Real Estate Market Update November 2022
We are reviewing the housing statistics published by the Wisconsin Realtors Association and looking at the hyper-local view of the Brown County Real Estate Market.
We'll share two massive opportunities for potential home sellers in the Green Bay area and buyers looking for homes for sale in the Green Bay area with less competition.
According to the latest real estate market data for the Northeast Brown region and county, the median price sales for homes in November 2022 was $260,000, representing a 3.6% increase from the $251,000 median price sales in November 2021.
Brown County Median Price Jump
While the median price sales saw an increase, the number of homes sold in November 2022 decreased by 27.5% compared to the previous year, with 243 homes sold in November 2022 compared to 335 in November 2021.
This decrease in the number of homes sold has led to an increase in the month's inventory, which measures the number of months it would take for all of the homes currently on the market to be sold based on the current rate of sales.
In November 2022, the month's inventory was 2.5, a 25% increase from the 2.0 months inventory in November 2021.
Brown County Average Days On Market Increasing
The average days on the market, or the average number of days that homes stay on the market before they are sold, also saw a slight increase in November 2022, with homes remaining on the market for an average of 62 days compared to 61 days in November 2021, a 1.6% increase.
Overall, while the median price sales for homes in the Northeast Brown region and county saw an increase in November 2022, the decrease in the number of homes sold and the increase in the month's inventory suggests a potential slowdown in the real estate market.
It will be important to continue monitoring market trends in the coming months to better understand the overall health of the real estate market in this region and county.
This Market creates new Opportunities
Potential sellers sitting on the sidelines and nervous about finding their next home have a massive opportunity if they are looking to upsize.
If you look at the higher-tiered price ranges, the days on the market are climbing even more rapidly with the new interest rates.
You have an opportunity that you didn't have previously in being able to sell with a possible home sale contingency which hasn't been an option in the last two and a half years.
The interest rates have dramatically impacted the buying power, but with that in hand, it has eliminated the multiple offers, no contingency type offers. Would you rather compete with 5-10 other buyers for the same house and pay substantially over asking or have the ability to have a home inspection and possibly negotiate the price?
You have an opportunity to not be under the pressure of the extreme seller's market.
You can contact our team of agents at Dallaire Realty below.