Your home is one of the most important investments you will ever make. Not only is it a place where you will create many memories for years to come, but your home can also help you gain a significant profit when it comes time to sell. Homeownership paves the way to long-term wealth for many, especially if investing in an area with high home values and incredible appeal. If you are searching for a fantastic place to invest in lucrative real estate, very few places can compare to Mequon, Wisconsin. Not only is Mequon a wonderful community, but it's also known for having some of the most spectacular waterfront properties in the Midwest, with jaw-dropping views of Lake Michigan.
If you are searching for a laidback, tranquil community just minutes from downtown Milwaukee, you can find your place by moving to Mequon. If you are searching for the perfect home in this lakefront community, read on to learn more about the Mequon real estate scene. What will you find when searching for homes in the rest of 2023 and into 2024? Here's a comprehensive rundown of the Mequon housing market.
Mequon market forecast 2024
Staying up to date on the real estate market trends is essential if you are considering buying a home in 2023 or 2024. Not only will you need to understand the local market as a buyer, but you will also need to pay attention if you plan on selling your property. This is especially important if you are planning to purchase an investment property in which you plan to turn a profit in the near future.
So what can you expect for the Mequon housing market forecast for 2024 and beyond? Over the past few years, the Milwaukee Metropolitan area has experienced intense competition. From 2020 to 2023, property values increased in the Milwaukee area by over 27.5%. This is especially true in the northern suburbs of Milwaukee, like Mequon. As the demand for quality housing has increased, so have real estate prices. Mequon's real estate market remains incredibly active, with the demand for housing outpacing the current inventory. As a result, property values will likely continue to increase in 2024 and beyond.
Interest rates and other predictors
Sometimes, predicting how the market will behave can be difficult. If you were to talk to real estate professionals back in 2017, most of them would not have been able to predict just how competitive the market would be from 2020 to 2023. Yet, some clues can indicate what buyers and sellers will do.
One of the most significant market indicators to keep an eye on is interest rates. When interest rates are at their lowest, buying power is at its highest since prospective homeowners will have lower monthly costs. Interest rates dipped to 2.65% in January 2021, a historic low. Through 2021 and most of 2022, interest rates remained low, spurring many buyers to seek properties. It wasn't until Fall 2022 that interest rates increased to over 6%, the highest we’ve seen since 2008.
Despite increased interest rates, the local market has remained active. Home values keep growing, and buyer demand remains strong, especially for starter homes. While it can be challenging to predict what comes next, the market doesn't show any signs of slowing down, even as interest rates have risen.
The median sales price in Mequon
While interest rates are a strong indicator of local market activity, it's certainly not the only thing to consider. Another critical factor to consider is buyer activity. Will real estate prices continue to rise in 2024? Will buyers continue paying the list price or above it for their homes? If real estate prices continue to increase and buyers continue paying these prices, this is a strong indicator that we are still in a seller's market.
So, what are the median sales prices in 2023, and how will this shape the market in 2024? As of April 2023, the median sales price in Mequon is $412,450, which is 8.7% higher than in April 2022, when interest rates were lower. This indicates that Mequon is still experiencing a seller's market, where the demand for real estate has outpaced the supply for quality housing and will continue to do so in 2024.
Should you invest in the Mequon housing market?
From interest rates to median sales prices, there are many factors to consider when predicting local market conditions. Whether you are considering buying or selling a home in the near future, you will want to familiarize yourself with every aspect of Mequon's real estate market to make an informed decision about your next move. As a buyer, you want to purchase a home at the right time. As a seller, evaluating the market is just as crucial, especially if you want to sell your home for top dollar.
Based on market trends over the past few years, Mequon's real estate scene continues to increase in appeal, and homeowners have seen their property values grow. This is good news for buyers and sellers alike since prospective homeowners want to invest in properties that will appreciate over time. If you are considering buying Mequon real estate, there has never been a better time to invest.
Invest in Mequon real estate today
Are you searching for the perfect home in beautiful Mequon? Before you begin your search for homes for sale in Mequon, team up with a Mequon real estate expert who can guide you through every step of the process.
When you need a dedicated, trustworthy professional by your side, look no further than the pros at Sewart Group. Backed by over 20 years of industry experience and local market expertise, Karine and her team deliver top-tier service for all their clients. If you're ready to find your dream home, give expert Realtor Karine Sewart a call today. She will turn your real estate dreams into reality.
*Header photo courtesy of Karine Sewart