December 2024 at a glance

• The existing home market heated up in December with a substantial spike in sales and very strong price appreciation. December home closings jumped 9.2% compared to their levels 12 months earlier, and the median price rose 13% to $305,000. December growth in sales was stronger than any month since May 2024, and the median price appreciation in December was the strongest of the year. 
• A review of year-end data shows sales for all of 2024 were up 4.7% from their 2023 levels, and the median price rose 8.8% to $310,000.
• Total statewide listings of homes in December were 3.8% higher than December 2023. However, new listings in December 2024 fell 3.7% compared to their level 12 months earlier, even as sales increased 9.2% over that same period. In fact, December closings were 62% higher than new listings.  
• Strong demand and weak supply created a strong seller’s market with just 2.7 months of available supply, which is unchanged from December 2023. This is well below the six-month benchmark that indicates a balanced housing market.
• The average 30-year fixed mortgage rate was 6.72% in December, which is only slightly lower than the 6.82% average rate of December 2023.
• Persistently high mortgage rates, robust appreciation of median home prices, and relatively flat levels of median family income led to a 10% decline in statewide housing affordability over the last 12 months. The Wisconsin Housing Affordability Index measures the percent of the median-priced home that a potential buyer with median family income qualifies to purchase, assuming 20% down with the remaining balance financed with a 30-year fixed mortgage at current rates. The index fell from 140 in December 2023 to 126 in December 2024.