Think of it as kind of the perfect storm: you have limited supply now, and you have very strong demand," said David Clark, an Economics Professor at Marquette University.
That perfect storm has created a tornado of emotions for homebuyers in central Wisconsin.
Especially for those that are first time buyers who might not have a large and all cash offer.
In the last 15 years, the market has grown over 150%.
In an ideal situation buyers should put down at least 20% as a down payment.
With the average price being in the $300,000 range, that means a $60,000 down payment, which seems impossible for many buyers.
Add to that the number of homes for sale is down 20% from 2022.
It's a struggle between Millennials and Baby Boomers, as the Baby Boomers have houses with lower interest rates, with no reason to give that up.
Meanwhile, Millennials struggle to find anything with prices so high.
For the homes that actually do hit the market, offers get thrown at them almost instantly and for thousands of dollars over asking price.
With the market so low, experts say interest rates and prices need to drop before sales can rise.
Wisconsin Realtors association vice president Tom Larson thinks some recent changes at the state level will help.
“The real answer to this inventory shortage is more housing. Fortunately, the state legislature and Governor Evers just signed into law some very significant housing inventory bills that will hopefully help address the shortages that we’ve had statewide,” said Larson.
Those include new loan programs for home builders, and for those rehabbing older homes.
