October 2021 Housing Market Update

NATIONALLY

• Summary: Existing home sales, median sales price and days on market all rose, month over month and year over year, on a national and regional scale.

The most recent monthly report, by the National Association of REALTORS®, was just released entitled, “Existing-Home Sales Inch Up 0.8% in October,” (by Quintin Simmons, published October 22nd, 2021). The following bullet points are additional highlights from this news release.

Existing-Home Sales

• “Existing-home sales increased in October, marking two straight months of growth, according to the National Association of Realtors®.”
• “The median existing-home price for all housing types in October was $353,900, up 13.1% from October 2020 ($313,000), as prices climbed in each region.”
• “Properties typically remained on the market for 18 days in October, up from 17 days in September and down from 21 days in October 2020.”
• “Existing-home sales in the Midwest rose 4.2% to an annual rate of 1,500,000 in October, a 6.3% decrease from a year ago.”
• “The median price in the Midwest was $259,800, a 7.8% jump from October 2020.”

STATEWIDE

• Summary: The state of Wisconsin saw a decline in home sales and listings, while median home price increased, in the month of October 2021, compared to October 2020. However, year to date numbers show home sales are slightly above last years’.

The Wisconsin REALTORS® Association, released their monthly market report with the headline, “Continued Strong Seller’s Market Drives Home Prices Up in October.“ Here are some additional key takeaways:

October 2021 Home Sales Report

• “Existing home sales dropped 12.3% between October 2020 and October 2021, even as median home prices rose 7.5% to $245,000 over the same period.”  
• “Existing home sales are just 0.1% higher than year-to-date sales in 2020.”
• “In contrast, the year-to-date median price rose to $241,000, which is 9.5% ahead of last year’s median price for the January-through-October period”
• “After five months of sub-3% mortgage rates, the 30-year fixed-rate mortgage increased to 3.07% in October.”

LOCAL MARKET

• Summary: Much like our state, our metro Milwaukee market witnessed a decline in sales and new listings, while days on market and median sales price inclined. Our Tri-County Area market, of Racine, Kenosha & Walworth Counties, saw the same except Kenosha County, where there was a spike in new listings compared to last year.

Below are the Local Market Reports, by MetroMLS, for the Counties of Kenosha, Racine, and Walworth, as well as the Lake Geneva-Delavan-Williams Bay area, and their monthly blog post called Market Reports: October 2021, by Dan Zielinski of FlexMLS, reflecting our hyperlocal multiple listing service area based out of Metro-Milwaukee.

• MetroMLS also published a Quarterly Housing Summary by Zip Code found here! Very useful breakdown!

MARKET REPORTS: October 2021

In the four-county Milwaukee metropolitan area, active listings are down 5.1% and sold listings are down 13.7% compared to this time last year. The Months of Supply of Inventory experienced an uptick, increasing 9.9% compared to last October.

Below is a breakdown of the 13 counties for single-family and condo properties.

by Dan Zielinski | November 12, 2021 | Metro MLS, FlexMLS