June Market Update: National Trends and Local Metrics

Chris Muellenbach  |  June 16, 2022

I want to keep you updated on some changes in the real estate market — some of which will impact the options when deciding whether to sell your house or refinance. The following are national trends. Below that are local metrics I’ve put together so you can gauge the climate of our local market.

  • Mortgage rates are increasing and highly volatile — rates have risen to 6.03% as of this morning, June 16, 2022. Keep in mind, a hike in interest rates further erodes affordability (a 1% change in interest rate has the same impact as a 10% change in mortgage payment).
  • Prices are expected to remain high. If you need to sell, you’ll likely have a strong upper hand.
  • Home inventory is at an all-time low, and rents continue to rise. Five months ago, national inventory fell below 1 million homes for the first time on record. It has stayed below 1 million each month since.

Local Trend in Prices: 

Currently, our market is seeing an Upward trend.

Area

1st Quarter 2021 Median Price

1st Quarter 2022 Median Price

Year-to-Year Change 

Milwaukee County

$220, 351

$235,753

7%

Ozaukee County

$418,176

$450,059

8%

Waukesha County

$396,288

$436,019

10%

 

Pricing Note: House values can fluctuate through the seasons. Spring is a different market than the Fall; mid-Summer looks much different from the end of the year. So in order to get an accurate reading as to whether or not prices have fallen or risen, we use the “year over year” barometer. 

Local Days on Market:

Area

1st Quarter 2021 DOM

1st Quarter 2022 DOM

Year-to-Year Change 

Milwaukee County

32

35

9%

Ozaukee County

50

60

20%

Waukesha County

39

28

-28%

 

Days on Market (“DOM”) Note: This metric will tell us how long it takes for homes to sell. This number is largely driven by supply and demand. An uptick in interest rates can cause DOM to increase; a drop in unemployment can cause DOM to decrease. All sorts of economic factors can affect this number, and ultimately, DOM affects pricing. When there are low days on market, prices go up; when DOM increase, prices go down. 

Market conditions are constantly fluctuating. If you would like a market analysis, I’m happy to provide you with current figures anytime on a complimentary basis. Feel free to give me a call directly at 414-335-8035 or email me at this address.

As always, keep my website handy for searching for properties and resources like our Sellers & Buyers Guides and Concierge program: www.MKE-RealEstate.com


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