When are Door County housing prices going to drop?

By
Real Estate Agent with The Kellstrom Ray Agency, Inc. (Est. 1948)

When are Door County housing prices

going to drop?

Door County Housing Market September, 2022:  Door County REALTORS saw a slight slow-down when the Federal Reserve first began increasing interest rates in 2022, but that pattern appears to have shifted.

With little to no inventory available in Door County, including for the first time in my 18-plus years of practice, including vacant land---demand still greatly exceeds supply from Jacksonport-Egg Harbor through Gills Rock/Northport. 

Door County Home Prices Drop

In fact, Door County's only city, Sturgeon Bay, has had this problem for far longer than the northern Door County communities, with a scarcity of inventory (and affordable inventory) going back to at least 2017.  It is only since 2019 that we have seen prices start and continue to rise in northern Door County, where any home or condominium under $500,000 now garners immediate and considerable interest.

As mentioned above---even our vacant land inventory is depleted.  As of this writing, there are two vacant parcels available on market shown as not pending north of Fish Creek/Baileys Harbor.  This would have been unheard of just two short years ago.

So when are Door County housing prices going to drop?  Just yesterday, a long-time reader called and asked me this question again---someone that had the opportunity to buy back in 2013 when prices were in decline and inventory vastly exceeded demand.

Crystal Ball of Door County Real Estate

The answer:  interest rate increases do not appear to be deterring the Door County housing market, other than to further increase the lack of affordable housing inventory under $300,000.00.  That market is nearly non-existent north of Egg Harbor/Jacksonport.  As such, it's going to take a determined period when supply actually exceeds demand for prices to stabilize or actually stop increasing, and we aren't predicting that even with another large interest rate hike expected this month.  That is further compounded by the fact that autumn (not spring/summer) is typically our busiest calendar market time of the year, as people that have summered here become serious about house-hunting.

As such, right now we see homes that are selling $50,000, $100,000, $150,000 and even nearly $200,000 over asking price, depending on location, condition and price.  A home in my Sister Bay neighborhood closed over $150,000 over list price last week.  Wonderful if you are a Seller--NOT so great if you're a Buyer.

For all Door County real estate market updates and the latest Door County real estate news and all things Door County, visit me today at moredoorcounty.com You can set up your own unique property search there, as well as receive information on "Sold" information and request market report data.  And, as, always, you can contact me at shumway.mk@gmail.com to start a dialogue on becoming a Door County property owner.  September 2022 Door County Real Estate Market Report

 

When are Door County housing prices

going to drop?

Door County Real Estate for Sale

Posted by

All information is deemed reliable as of date of publication and is subject to change without notice.

 

 Thank you for reading!  MaryKay Shumway, ABR®, CRS®, Realtor® loves to laugh and enjoys working with people that love the Door Peninsula.  She is a full-time real estate Broker, mother of two and a senior Broker Associate at the Kellstrom-Ray Agency, Inc. in beautiful Sister Bay, Wisconsin.  She represents listings throughout the Door County Peninsula and also represents many Buyers that want to purchase the perfect property to make Door County a part of their lives.  CONTACT MARYKAY ABOUT YOUR DOOR COUNTY PROPERTY QUESTIONS TODAY.

 

MaryKay Shumway has an extremely consistent multi-million dollar producer for over seventeen years.  Representing both listing clients and buyer clients full time, MaryKay is also a mother of two and active in the Door County community in the local school district, nonprofit groups and governmental affairs.  A member of the Door County Board of Realtors Honors Society from 2005-2020, the Door County Realtor of the Year 2008, a member of The Real Estate Group's Chairman's Circle in 2010-2015, and an member of the Coldwell Banker International Diamond Society for 2014 & 15.  She has served as President and Vice President of the Door County Board of Realtors  and as a member of its Advocacy Committee.  MaryKay is a top MLS producer and has held the position of top producer at The Kellstrom-Ray Agency, Inc. since 2016.

 

Contact MaryKay.  "As a multi-million dollar producer and senior associate at The Kellstrom-Ray Agency selling Door County real estate, I focus my balance on both  featured listings and representing Buyer Clients looking for the perfect Door County Property.  I turn Door County vacations into Door County traditions by helping you own your own Door County real estate, and I represent exceptional properties in all price points on the Bay of Green Bay, Lake Michigan, and all inland lakes and properties in between. Local experience with GLOBAL connections.  Call, text or e-mail me today."

Comments (3)

Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello MaryKay and great information to share with us here in the Rain.  Make it a good one!

Sep 04, 2022 09:38 AM
Joe Jackson
Keller Williams Capital Partners Realty - Columbus, OH
Clintonville and Central Ohio Real Estate Expert

This is an excellent post with great information. Thanks for sharing it.

Have a super fantastic week!
Joe Jackson, Realtor-KWCP

Sep 05, 2022 07:32 AM
Kristin Johnston - REALTOR®
RE/MAX Platinum - Waukesha, WI
Giving Back With Each Home Sold!

Great information.   Thanks for sharing and enjoy your weekend!

Nov 05, 2022 08:01 AM