This graph perfectly describes the craziness that is the housing market in Dane County right now, and we are so excited about it. The graph shows the median prices over the last 11 years for March and April. March 2017 median prices are the highest than they have been in the past 10 years! And the market is not slowing down!
If you look at the month of April, you can predict that at the current growth rate, the median price for April 2017 will surpass April 2016 by leaps and bounds. WRA President and CEO Michael Theo says, “Tight supply combined with strong demand conditions is a recipe for higher prices, and that’s what we’re seeing moving into the spring and summer markets”. This recipe is something the real industry holds tried and true. There is a fast pace housing market out there and if you do it right, you can make a lot of money on your investment.
One cause to this hot housing market is because the labor market has been looking upward as job growth increases. The unemployment rate in Wisconsin has gone down from 4.1 percent to 3.4 percent in one year. People have more money to spend, and with interest rates still low buying a home is more affordable. It becomes more practical when compared to how much more paying rent will cost you. Theo says, “Our strong statewide economy is definitely putting upward pressure on home prices, which have been growing at more than double the rate of inflation”. If this is not signs of an opportunity, we don’t know what is.