Here’s a real estate market update as we head into late November.
We’re going into late November, so it’s a good time for a market update.
We had 1,772 sales through October in the Milwaukee metro area, which is a lot. However, compared to last year, October 2020, the market sales are down 12%.
Our team was fortunate enough to help 27 families in October, and The Roth Team had already helped 12 families by mid-November.
In the five-county metro area, there were only 4,391 homes for sale in October. Last year, it was just about the same at 4,363 homes. That number of homes means the market has two and a half months of inventory. Compared to 2019’s inventory, we’re down 24%.
Interest rates are at 3.25% for a 30-year mortgage and 2.75% for a 15-year mortgage. Money is still readily available, and that is key to buyers buying and properties selling. There has been discussion of the Fed raising the rates, but that has not happened yet.
If you’re thinking of buying or selling or you have any questions, feel free to call us here at (262) 797-6453. Happy holidays!