APPLETON — Fox Cities Realtors say there are several explanations behind Outagamie County's spike in home sales this year.
Metro housing markets across Wisconsin have seen existing home sales increase through May of this year, compared to 2023, but none saw the 45.3% increase in Outagamie County, according to Wisconsin Realtors Association (WRA) sales data.
While home sales slowed statewide last year, the Fox Cities area's 776 sales through May 2024 easily tops the 534 sales through May 2023. In fact, it puts the region on pace with the 778 homes sold there through May 2022.
For comparison, in the Green Bay area, the 1,008 sales through May 2024 is higher than the 930 homes sold through May 2023. But the region lags well behind the 1,208 home sales logged there through May 2022.
So what gives?
The Post-Crescent asked three Fox Cities-area Realtors and real estate agents what's behind the numbers, why the Outagamie County market rebounded a little quicker than other metro areas.
They attributed some of it to consumers everywhere adapting to market conditions and some of it to Mother Nature. But primarily, they said the Fox Cities offer what families desire when they consider where to buy and live.
"How can you not love the Fox Cities and want to live here or move here?" asked Megan Jacquet, a Realtor and broker with Coldwell Banker the Real Estate Group.
Here's a closer look at five factors working in the Fox Cities' favor. First, here's how the region stacks up against other metro markets.
How increases in home sales in the Fox Cities compares to other Wisconsin metro areas
There are some less-populous Wisconsin counties with higher percentage increases in sales in 2024, but among metro areas, Appleton stands out. Here's a look at the percentage change in home sales in 13 metro markets, according to WRA data:
- Appleton (Outagamie County): 45.3%
- Beloit-Janesville (Rock County): 17.6%
- Eau Claire County: 15.4%
- Fond du Lac County: 19.6%
- Green Bay (Brown County): 8.4%
- Kenosha County: 1.3%
- La Crosse County: 10.8%
- Madison (Dane County): 9.1%
- Manitowoc County: 12.5%
- Milwaukee County: 10.1%
- Oshkosh (Winnebago County): 8%
- Racine County: -0.1%
- Sheboygan County: 3.1%
- Wausau (Marathon County): 22.2%
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Home sales will recover at different paces in different markets. Appleton could just recovered sooner
Home sales across Wisconsin dropped significantly in 2023 so 2024 was likely to see sales rebound as inventory increased and buyers adjusted to market conditions.
The housing market — and real estate sales — is a "human business," according to Jenelle Bruno, a Realtor with First Weber Inc. and broker for its Appleton, Neenah, Fond du Lac and Berlin offices.
Sometimes buyers have to buy and sellers may suddenly have to sell, she said. It's not the type of business where you can point to one thing that has produced the local market's faster recovery.
"It's human. It's dynamic. It's multifaceted," Bruno said.
Interest rate shock has worn off among buyers and sellers
Interest rates on a 30-year-fixed mortgage from 2010 to 2021 ranged from 2.5% and 5% before it began to rise in early 2022, reaching as high as 7.76% in October 2023. The median home sales price also rose significantly in the last five years.
Some buyers may have opted to wait out the rising rates and prices in 2022 and 2023. Now, they seem to have acclimated to interest rates in the 6% to 8% range and realize they will not likely change any time soon, said Victoria Imhoff, a Realtor with Century 21 Ace Realty.
"This is the new normal for now," Imhoff said. "People aren't as shocked as they were in the last three or four years."
Mild winter kept northeastern Wisconsin housing markets from freezing
Winter is generally known as the slow period in Wisconsin housing markets, but blizzards and cold snaps can have an especially noticeable impact on home sales, according to Bruno,
She said closings noticeably decline in the 30-45 days following a polar vortex or a heavy snowfall.
Except this year the Fox Cities, like much of northeastern Wisconsin, enjoyed a very mild winter with downright balmy temperatures, few major snowstorms and only a couple of serious cold snaps. That meant more home buyers ventured out to open houses or scheduled showings.
"We had a very mild winter. It weirdly translated into a steady market," Bruno said.
Appleton area remains reasonably affordable. Okay, somewhat affordable.
Longtime Fox Cities residents may gawk in disbelief as the median home sales price tops $300,000, but the family moving from Atlanta to Appleton will likely see that same $300,000 house as a steal.
As more people can work remotely, the Fox Cities and Green Bay area both have proven attractive locations for families. The bigger the market they're currently in, the more likely they are used to home prices significantly higher than what they find in the Fox Cities, Jacquet said.
"They’re finding they can move to a more affordable area like the Fox Cities and are able to do their job while sending their children to good schools and having all the offerings of a large city right here," Jacquet said.
Bruno said the community's strengths and attractiveness make it that much more important that Appleton recently completed a housing market study highlights how the region can build more housing units to meet the pent-up local demand families have for homes and the outside interest, too.
"In May, in Outagamie County median sales price was $315,000. From a workforce standpoint, our teachers, our public safety officers, that’s a healthy price for them to try to afford," Bruno said.
The Fox Cities is just a great place to live and raise a family
Give yourselves a round of applause, Fox Cities residents. You live in and contribute to making the Fox Cities and attractive place to live.
Jacquet, Imhoff and Bruno all at one point or another said the region has what homebuyers and families currently want when they consider where to live: Quality school districts, a variety of communities, a lot of arts and culture opportunities, quality jobs, economic growth, community festivals, safety and reasonably affordable housing.
"I would give applause to our local communities for making it a place people want to move to and live in," Imhoff said.
Contact Jeff Bollier at (920) 431-8387 orjbollier@gannett.com. Follow him on Twitter at @JeffBollier.
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