2018 Wisconsin Housing Market Fact Sheet [Infographic]
Look to last year’s trends when planning your business goals in the New Year.
The Wisconsin housing market continued its slow and steady upward growth in 2018, with some of the highest trends seen since 2007. Today, we are looking back at the 2018 housing market to help in setting your business goals this year. Click on the infographic to enlarge, and find even more details below.
Home Sales:
Wisconsin saw a significant spike in home sales in 2018. Housing demand remained at a record high for single-family homes and condominiums, making last year the third highest on record since 2007.
82,617 Wisconsin home sales in 2018, the third highest since 2007
41.6% growth in home sales since 2007
Building Permits:
The number of building permits requested and obtained in Wisconsin in 2018 grew modestly over the previous year. This trend carried across the Midwest as the demand for new homes prompted more construction projects.
24.2% growth in building permits obtained in the Midwest in 2018
8,107 building permits obtained from January-October 2018
2% growth in building permits obtained in Wisconsin from 2017 to 2018
Prices:
The median price of a home in Wisconsin continued to increase in 2018 with consumer demand and a deepening inventory shortage.
$184,000 median price of a home in 2018, the highest since 2007
9.5% growth in the median home price from 2007
$134 median list price per square foot in 2018
$1,200 median rent price in 2018
Housing Wins:
In 2018, with the help of our dedicated builder and construction affiliate members across the state, Wisconsin saw numerous housing wins that impact the industry, including:
Reduced exposure period for a claim from 10 to 7 years
One- and two-family electrical code moved to a 6-year review
Elimination of personal property tax and forestry mill tax, leading to a property tax cut
Economic Impact:
The Wisconsin housing market has had a notable impact on the state’s economy, according to the NAHB Economic Impact of Home Building in Wisconsin report.
$298.8 million in income for Wisconsin residents per 1,000 home starts
$56.3 million in taxes and revenue for state and local governments per 1,000 home starts
4,451 new jobs in Wisconsin per 1,000 home starts
The data shows that the Wisconsin housing market is continuing to bounce back, helping to boost confidence among builders and affiliates as they plan for the year ahead.
Do you know someone who could benefit from our network of 4,000+ home building industry professionals? Encourage them to join the WBA today!