MADISON, Wis. — Wisconsin’s housing market saw its first monthly decline in sales since May, with existing home closings dropping 9.2% in November compared to the same month last year. Despite the dip in volume, property values continued to rise, pushing the statewide median price to $325,000.
The November Real Estate Report, released by the Wisconsin REALTORS® Association (WRA), highlights a market navigating high prices and shifting regional demand. While monthly sales fell, year-to-date closings remain 1.5% higher than the first 11 months of 2024.
Supply and Demand Total listings grew for the 26th consecutive month, increasing 3.7% over November 2024 levels.
“Although new listings have been somewhat variable this year, the trend of growth in total listings is now moving into its third year, which is a good sign that the total supply of homes has been steadily improving,” said Chris DeVincentis, 2025 Chair of the Board of Directors for the WRA.
Prices and Affordability The statewide median home price rose 4.8% over the last 12 months. On a year-to-date basis, the median price sits at $327,000, a 5.5% increase over the previous year. While prices rose, the Wisconsin Housing Affordability Index showed improvement, rising from 128 in November 2024 to 134 last month.
“While affordability remains a challenge, we did see progress in November, and there are some promising trends,” said Tom Larson, President & CEO of the WRA. “Mortgage rates continue to trend downward, and the annual rate of home price appreciation averaged just 5.5% through the first 11 months of the year. We hope these trends continue and lead to sustained improvements in affordability in 2026.”
Economic Indicators Prospective buyers saw relief in borrowing costs as the average 30-year fixed mortgage rate fell to 6.20% in November, marking the fifth consecutive monthly decline from a peak of 6.82% in June.
Regional Outlook The decline in sales was most pronounced in urban centers. Home sales in the West region dropped 16.3%, while the Southeast and South Central regions saw declines of 10.9% and 10% respectively. In contrast, the North region saw a 1.4% increase in closings.
