Skip to content
0

November 2025 Home Sales Report

November Home Sales Fall as Prices Increase Moderately

Date: December 18, 2025

November 2025 at a glance

  • Wisconsin existing home sales dropped 9.2% in November relative to that same month last year, which was the first monthly decline since May. On a year-to-date basis, closings were up 1.5% compared to the first 11 months of 2024.
  • The price appreciation picture is similar, whether on a monthly or a year-to-date basis. The median price rose 4.8% to $325,000 in November and increased 5.5% to $327,000 year to date compared to that same period last year.  
  • Total listings continued to improve, rising 3.7% relative to their November 2024 levels. This is the 26th straight month in which total listings grew on an annualized basis.
  • The 30-year fixed mortgage rate has fallen in each of the last five months. The average rate was 6.82% in June, and it dropped to 6.20% in November, a reduction of 62 basis points. 
  • November home sales fell in five of the six regions of the state, with the strongest declines in the more heavily urbanized regions of the state. Specifically, over the past 12 months, home sales dropped 8.3% in the Northeast region, 10% in the South Central region, 10.9% in the Southeast region and 16.3% in the West region. In contrast, the more rural areas of the state performed better: Compared to November 2024, monthly closings fell just 5.7% in the Central region and were actually up 1.4% in the North region.
  • The Wisconsin Housing Affordability Index rose 4.7% over the last 12 months. The index shows the share of the median-priced home that a buyer with median family income qualifies to purchase, assuming 20% down, and the remaining balance financed with a 30-year fixed mortgage at current rates. The index rose from 128 in November 2024 to 134 this past November.   

Additional analysis

Listings Continue to Improve

“Although new listings have been somewhat variable this year, the trend of growth in total listings is now moving into its third year, which is a good sign that the total supply of homes has been steadily improving.”

Chris DeVincentis, 2025 Chair of the Board of Directors, Wisconsin REALTORS® Association

Affordability Progress

“While affordability remains a challenge, we did see progress in November, and there are some promising trends. Mortgage rates continue to trend downward, and the annual rate of home price appreciation averaged just 5.5% through the first 11 months of the year. We hope these trends continue and lead to sustained improvements in affordability in 2026.” 

Tom Larson, President & CEO, Wisconsin REALTORS® Association

Progress on Core Inflation 

“The Federal Reserve has a goal of price stability, which means a target inflation rate of 2%. It focuses on core inflation, which excludes food and energy because prices in those sectors are somewhat volatile on a month-to-month basis. The Fed’s preferred measure of core inflation fell to 2.8% this past September. While this remains above the target rate, it is well below the 5.6% peak rate for core inflation in September 2022. Lower inflationary expectations are one reason we’re seeing mortgage rates come down.” 

Dave Clark, Professor Emeritus of Economics and WRA Consultant

About the WRA

The Wisconsin REALTORS® Association is one of the largest trade associations in the state, representing over 17,500 real estate brokers, salespeople and affiliates statewide. All county figures on sales volume and median prices are compiled by the Wisconsin REALTORS® Association and are not seasonally adjusted. Median prices are only computed if the county recorded at least 10 home sales in the quarter. All data collected by the WRA is subject to revision if more complete data becomes available. Beginning in June 2018, all historical sales volume and median price data from 2015 forward at the county level have been re-benchmarked using the Relitix system that accesses MLS data directly and in real-time. Data prior to January 2015 is derived from the Techmark system that also accessed MLS data directly. The Wisconsin Housing Affordability Index is updated monthly with the most recent data on median housing prices, mortgage rates and estimated median family income data for Wisconsin. Data on state foreclosure activity is compiled by Dr. Russ Kashian at the University of Wisconsin-Whitewater. 

Note that the WRA employs a slightly different protocol to determine inventory levels than the protocol used by the REALTORS® Association of South Central Wisconsin (RASCW). For consistency, the summary tables for the South Central region reported in the WRA release employ the WRA approach. However, a modified table employing the RASCW methodology is available from the WRA upon request.