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September 2025 Home Sales Report

Home Sales and Prices Rose in September as Listings Improved

Date: October 23, 2025

September 2025 at a glance

  • Both statewide existing home sales and prices rose by solid margins in September. Compared to September 2024, closings increased 6.9%, and median prices rose 8.7% to $337,000.
  • Although the months of available supply fell slightly in September, both new listings and total listings were up over the last year. New listings increased 4.1%, while total listings rose 3.7% compared to September 2024.
  • On a year-to-date basis, the growth was more modest, with sales up 2% relative to the first nine months of 2024, and median prices up 5.2% to $326,000 over that same period.
  • The 30-year fixed mortgage rate averaged 6.35% in September, which is the lowest average monthly rate since September 2024 when it averaged 6.18%.
  • Through the first three quarters of the year, median prices were up, with most regions up between 5.2% and 7.9%, relative to the January-through-September period in 2024. Only the West region saw prices remain flat, with prices up just 0.7% over that period. Year-to-date sales were up by modest margins in three regions, with the North up 5.9%, West up 4.7% and the Northeast up 3.5%. The other three regions saw very slight changes in closed sales over that time frame, with the South Central region up 1%, Southeast up 0.5% and the Central region down 0.1%.
  • Affordability fell 5.9% over the last 12 months. The Wisconsin Housing Affordability Index shows the percentage of the median-priced home that a potential buyer with median family income qualifies to purchase, assuming 20% down and the remaining balance financed with a 30-year fixed-rate mortgage at current rates. The index fell from 135 in September 2024 to 127 in September 2025.

Additional analysis

Inventories Continue to Improve

“We’re still in a seller’s market with just four months of supply statewide, but it’s good to see our listings continue to improve. Higher inventories should help drive sales growth and moderate prices in the months ahead.”

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

Promising Signs of Moderating Mortgage Rates

“We’ve seen some nice improvements in the 30-year fixed mortgage rate over the past couple months, and it was good to see rates finally fall below 6.5% in September. Hopefully these rate improvements continue for the remainder of this year and into 2026.”

Tom Larson, President & CEO, Wisconsin REALTORS®Association

Additional Rate Cuts Are Likely Over the Next Year

“Recessionary concerns continue with weak job creation and a slight uptick in the national unemployment rate in August. This led to a reduction in the Conference Board’s September Index of Consumer Confidence. To be clear, the economy is still operating near full employment, but these recent trends strengthen the case for additional rate cuts in 2025 and moving into 2026.”

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.