A for sale sign in front of a home March 23, 2023. PC: Fox 11 Online
(WTAQ-WLUK) — Appleton and Green Bay are among the top markets for first-time homebuyers, according to a recent study by Smart Asset.
The study, which gathered data from 180 of the biggest metro areas in the United States, ranked Appleton at number five and Green Bay at number 18.
The study was based off a variety of factors, including median sale price, median income, inventory and projected price change.
Here’s how the data breaks down:
Appleton:
- Median sale price: $296,011
- Median household income: $88,651
- Days to pending: 42
- One-year price change forecast: 1.3%
- Inventory: 507
Green Bay:
- Median sale price: $325,239
- Median household income: $80,421
- Days to pending: 40
- One-year price change forecast: 1.2%
- Inventory: 791
“In comparison to other areas around the nation, you get bang for your buck,” said Century 21 Ace realtor Jill Coenen.
Yet despite the positive rankings from the two Northeast Wisconsin cities, it still remains a seller’s market.
“I would say it’s probably a little more challenging than it was in 2020 or 2021,” said real estate broker Aaron Sensenig. “The one caveat would be that I think the buyer pool is a little bit smaller than it was in 2021.”
The study comes as the Wisconsin REALTORS Association reported home closings were down, as prices rose in April statewide. For the housing market to be considered balanced, the state would need listings to increase by 67% from its current levels. Affordability rose just 0.8% over the past 12 months.
“The simplest answer is supply and demand,” said Sensenig. “There’s just simply not enough houses for sale.”
Sensenig explained that housing production cratered after the recession of 2008, and didn’t pick back up for another decade, causing the shortage.
Plus, the average first-time homebuyer is now in his or her late 30s, according to a separate study. Coenen said she thinks the average is lower for Northeast Wisconsin, but still has increased across her 15 years as a realtor.
In a housing market favoring the seller, Appleton homes appreciated an average of 6.9% over the past year, and Green Bay homes appreciated at 7.9%. Coenen anticipates prices to rise again if interest rates drop — an encouragement to prospective buyers to act, while the market is more favorable to them than in recent years.
“We have such stability here in the Valley,” said Coenen, clarifying she was referring to the area between Green Bay and Oshkosh, “between our manufacturing, our insurance, our medical, good stability — which improves appreciation.”
And now, a stable housing market is forming once again.
Other Wisconsin cities included in the survey were Eau Claire (No. 13), Racine (No. 80) and Madison (No. 124).
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