Ten-Year Property Type Trend for Muskego (NOV 2023)
December 2, 2023
Muskego, WI: Home sales decreased 4 years in a row.
The overall home market has declined for four straight years. Through November, the 154 single-family homes are well short of the average of 242 over the prior 9 years.
This slump is largely due to higher mortgage rates, which have topped 7%. Sellers, that have locked in with rates lower than 4%, are content to stay put, while buyers have been priced out of the price range they have been considering. This mismatch has left the market still tipped in favor of sellers, who hold firm on their asking prices despite the quieter market.
Single-Family Homes: are still moving
The number of single-family homes for sale is at its lowest point in a decade. However, even with rising interest rates, people are still eager to buy homes that meet their needs. This is because life changes, such as job relocations, family growth, or the desire for a more suitable living space, continue to drive the demand for housing.
Condos and Two-Family Homes: also down from average
In 2023, condos saw 33 listings, while two-family homes had 3. These properties offer a more hands-off lifestyle, appealing to those who want less maintenance and more convenience.
So, where’s it going?
With the growing belief that inflation is on the wane and mortgage rates are poised to decline in 2024, we expect Buyers to be more active. With inventory levels still low, home prices are expected to be stable and increasing.
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