With falling home prices, Sheboygan County has seen a significant rise in year-over-year sales numbers according to the Wisconsin Realtors Association’s February summary.
The price of a Sheboygan County home fell 3.1% since last year, with this February’s median price coming in at $271,250. At the same time, sales numbers last month were 46.4% higher than the year previous with 82 units changing hands. Even with the increased sales, though, inventory increased by just over 9% (9.1%) compared with last year, and the average days on the market in Sheboygan County went from 73 days last year, to 78 days this year.
Compared with neighboring counties, the median price made Sheboygan County a good bargain with Manitowoc County reporting the lowest median price of $192,000 even after increasing 3.1% from last year. Fond du Lac County was the only other with a lower median price at $235,000. The most expensive homes in neighboring counties came from Ozaukee County where the median price last month was $455,500.
The Wisconsin Realtors Association says that high mortgage rates, which now average 6.84% for a 30-year fixed-rate, kept some buyers out of the market, and have combined with high prices to drop the Affordability Index by 10.1% over February last year, meaning it’s now harder for a typical Wisconsin home buyer with median family income to qualify for a purchase.
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