Figures from the state Department of Revenue show property values dropped by about $16 billio last year. That included a 3.5-percent drop in residential property values, although Wisconsin Realtors Association President Bill Malkasian says it doesn’t seem to have had an effect on the prices homes are selling for.
Malkasian says the average sale price for a home in Wisconsin is sitting at $144,000 this year, which is off only about 0.01-percent from the average price for 2009.
Malkasian says Wisconsin home prices have managed to remain stable because there’s less speculation in the housing market here. He says other parts of the country, such as Florida and Las Vegas, have seen prices drop dramatically because too many properties remain vacant after the bottom dropped out of the housing market.