The Oconomowoc area housing market was very active in 2020, as home sales improved substantially in the second half of the year.
Oconomowoc area home sales
Despite the fact that the number of homes for sale in the Oconomowoc area was not able to keep up with buyer demand, home sales compared to 2019 increased over:
- 6% in Waukesha County
- 4% in Jefferson County
- 12% in Dodge County
Statewide, annual home sales in 2020 increased over 7% from the prior year- topping off at 88,685 sales. The highest recorded number of home sales in WI since 2005, when the WRA updated their data collection methods, according to the latest sales report from the Wisconsin REALTORS® Association (WRA).
Home prices in the Oconomowoc Area
Prices soared for homes in Oconomowoc and surrounding area. Driven by record low mortgage rates, the annual median sales price in 2020 compared to the prior year grew:
- 8.6% in Waukesha County
- 6% in Jefferson County
- 11% in Dodge County
The WRA reported that 2020 was the first year the state’s median home sales price exceeded $200,000- up 11.4% year over year.
The housing market in 2021
Homes continue to move quickly and for top dollar. Recent record-breaking home sales have deprived the number of homes available. Statewide inventory stood at just 2.2 months in December, according to the WRA. If listings don’t improve, we may start to see falling home sales, and sky rocketing prices.
Selling your home in 2021
The housing shortage is excellent news if you are looking to sell your home this year. Listing your home prior to spring is an ideal time due to less seller competition and a bigger pool of buyers. In return, you can sell your home without delay and have the upper hand when it comes to negotiating.
Buying your home in 2021
If you are looking to purchase a home in the Oconomowoc area, it is imperative to work with a realtor who is experienced and knows the area well to help you navigate the hot market.
Our team is here to help you achieve your real estate goals. Contact one of our real estate professionals to get started, or if you have questions about the local housing market.