Door County Real Estate Market
Predictions for 2024
So, we're riding into the middle of the first quarter of 2024, and we've had a chance to shake off all of the holiday vides and get back into the thick of things. And although we've had an incredibly mild winter as of this writing AND even though Punksutawney Phil did not see his shadow and an early spring is predicted, we're right in the heart of February now with some snow predicted, so it's a great time to predict what I think the rest of the year will bring for Door County real estate.
1. The Federal Reserve will not lower interest rates until late summer or autumn in 2024 (if at all). In the interim, I feel as though the best we can hope for is that rates do not go UP any more. This is going to be because, despite some very positive economic news, inflation remains high and I feel it will remain high. So those interest rate dips that come and keep us in the sixes and sevens will likely stay around for a while. If you want to talk to a local, Door County lender about our market, please contact me for more information on local banks that we do a great deal of real estate-related business with.
2. Inventory under $400,000.00 will remain very, very tight in northern Door County in 2024. As of this writing, there are only a few homes/condos available in this price point north of Sturgeon Bay for residential homes and/or condominiums and even Sturgeon Bay has property under $400,000.00 going under contract with multiple Offers.
3. Buying properties for rental will not be a driving force in the Door County market as much as it has been from 2020-2023. With sweeping changes in Door County rental restrictions in 2023 in most or even all municipalities, you will not see as many properties transferring to be used for short-term rental.
4. Vacant land inventory will remain at historic lows throughout Door County. This will follow the patterns set from 2021-2023---people are buying to hold and build in the future, especially Generation X buyers that will be eying up retirement over the next decade.
5. Waterfront and water view properties will remain at premium prices. There are just too many people that want our limited waterfront and water view inventory, so this market will remain strong, especially on the Green Bay side of the Peninsula. To view current Door County properties for sale, check here.
The real estate market will remain tight in 2024, but it will not see the historic, record-setting pace that we had in 2021 and 2022, simply because our inventory is going to be limited. What can you do to prepare?
1. If you are using financing, get pre-approved. As noted above, we'd be delighted to assist you in discovering local lenders that are familiar with our Door County real estate market.
2. Register for a free, personalized Door County property search. Our search will bring up the entire list of available properties in the Door County MLS. Please check the boxes for "home, condominium or land" (or multiple) and choose "Door County" from the drop-down box box on the left (if you know your towns and villages, please set those up, too, and choose number of bedrooms and baths if you are looking at a home or condominium. Please also choose your price points in those boxes to better assist in your search. Set up your free, personalized Door County property search here.
3. Contact me to set up a property tour. Call me to make sure the properties that you are viewing are still available and let me know your travel dates. Our office will do our best to assist you in touring as many properties as possible, but we do usually have to make appointments in advance, so the earlier you call, the better. Contact me today to assist with any upcoming Door County property search.
If 2024 is the year to purchase your Door County dream home, condominium, or vacant land to build in the future, the time to start searching is SOON to be ready for the summer of 2024. Contact me for more details on starting your home search and on current Door County real estate market conditions reports today!
Door County Real Estate Market
Predictions for 2024
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