The median value of a home in Wisconsin was $154,000 in December, down 0.3 percent from a year ago, according to Zillow data. Home prices across the country fell in 2014 due to the Federal Reserve ceasing its quantitative easing program and no longer buying mortgage-backed securities to artificially inflate the market.
Despite Wisconsin having a negative year overall, there are several areas of the state that continue to enjoy a healthy housing market with room to grow further in 2015.
Here are three municipalities for both investors and families to consider:
Madison
According to Zillow, the state’s capital and second-largest city saw home values grow 6.3 percent in 2014 to a median of $211,000. This type of growth provides house flippers a decent margin-of-error for potential market corrections that many pundits are predicting for 2015. But both investors and families can feel confident about buying property in Madison based on several factors.
Moody’s Investor Service changed the State of Wisconsin’s bond rating from stable to positive in November. The credit rating firm also gave the city of Madison a Aaa rating, the highest possible, for promissory notes totaling $57 million. In other words, the city has a diverse, strong economic structure and reserves deep enough to survive any unforeseen economic issues.
Families can also feel comfortable raising their kids in Madison. The second annual Livability list of the best cities to live in the U.S. ranked Madison No. 1 for 2014 after ranking it fifth the year prior. The website specifically points to the University of Wisconsin for attracting talent from all over the world and providing jobs and businesses opportunities in technology. The city’s diversity and strong public school system are also attractive for families.
Mequon
The City of Mequon, located in the southeast part of the state off the shores of Lake Michigan, was ranked the No. 1 city to live in Wisconsin by real estate blog Movoto. Mequon boasts one of the lowest crime rates in the state, low unemployment, and the highest household income at $107,429. It also has the highest home values in the state.
Mequon has beautiful summers, but because of its location, can get heavy lake-effect snow in the winter time. Investors looking to make a profit should first look at installing triple pane windows and sealing any and all air leaks in homes. It also wouldn’t hurt to offer potential buyers a snow blower upon close.
Green Bay
The fact one of the National Football League’s most popular teams play in this city guarantees a healthy economy for at least half of every year. This fact is reflected in property reports.
Trulia found the median sale price of Green Bay homes was $131,250 between October 2014 through January 2015. That’s up 8 percent from the same time period in 2013-14. Green Bay also provides a small-town feel, with a population of only 104,000.
The Packers also seem to drown out the fact Green Bay is in fact named for an arm of Lake Michigan to the north of the city. It’s definitely a prime spot for boating and fishing enthusiasts.
Click for Madison WI Homes for Sale, courtesy of Rock Realty.
3 Wisconsin Municipalities for Smart Home Investing
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