The Walworth County real estate market remains strong heading into the slowest time of the year, with annual sales up 19.2%. At the same time, the inventory of homes for sale is up 13.9%, the month’s supply of homes increased 8.99%, and home prices are up 3.69%. This is an ideal situation with sales and inventory increasing at the same time in what appears to be a more balanced local real estate market.

The National Association of Realtors® found that prices rose in 77% of metro markets across the US, with the national median home price at $426,800, below the median Walworth County sales price at $450,000. Affordability remains an issue, especially for first-time buyers. Nationally, the share of first-time buyers dropped to a record low of 21% while the typical age of first-time buyers rose to an all-time high of 40 years, according to the National Association of Realtors.

"The historically low share of first-time buyers underscores the real-world consequences of a housing market starved for affordable inventory," said Jessica Lautz, NAR deputy chief economist and vice president of research. "The share of first-time buyers in the market has contracted by 50% since 2007 – right before the Great Recession.”

Mortgage interest rates are around 6.3% for a conventional 30-year fixed-rate loan. The Mortgage Bankers Association predicts that rates will remain at this level throughout 2026. Fannie Mae is slightly more optimistic, predicting a decrease in rates to 5.9% by the end of 2026.

Demand for housing is being supported by a strong US economy. Real Gross Domestic Product (GDP) increased at an annual rate of 3.8% due to a decrease in imports, rising consumer spending and an increase in personal income. Consumer confidence is down due to inflation fears, with inflation rising 3% in September, and the unemployment rate rising slightly to 4.4%, according to an estimate by the Federal Reserve Bank of Chicago.

In today’s market, you need an experienced professional to guide you to success. If you are thinking of buying or selling a home, contact us today!