Are Dane County Housing Prices Headed Up?!?!
As a Realtor, I don’t know how many times I’ve heard the question, “When is the housing market going to bottom?”. Nobody ever knows exactly when we have hit bottom until they look back in history and see the statistics. Most of what you hear in the media is a broad generalization of our nation as a whole; sometimes you see an occasional report on your state.
I want to take a closer look at Dane County, since that’s where the majority of our work is done. The median price across Wisconsin for 2010 was down 1.1% (not bad considering what the rest of the country looks like). However, the Median price across Dane County was up in 3.1% in 2010. Throughout the year Median prices for Dane county looked like this:
As you can see from this graph, median prices went down in 2009, leveled out the beginning of 2010, and started heading up the latter half of 2010. In my personal opinion (again nobody knows for sure) this was likely the bottom. Remember when mortgage rates hit record lows in late October and early November? In my mind, that was the best possible time to buy. The market was starting an upward trend and interest rates bottomed. It’s still a great time to buy a home, though. Mortgage rates are still low and median prices are trending upward. I believe that there may be a slight dip as we finish off winter in Wisconsin, but in general I think 2011 will be a year of great buying opportunity.