Metropolitan Statistical Area (MSA):
Janesville-Beloit, WI is a Metropolitan Statistical Area (MSA) comprising counties including .
There is no doubt that the housing market in the Janesville-Beloit, WI metropolitan statistical area (MSA) has been on a roller coaster ride over the past few years. After reaching a peak in 2006, home prices began to tumble as the Great Recession took hold. By 2012, prices had fallen by more than 30% from their peak and many homeowners found themselves "underwater" - owing more on their mortgage than their home was worth.
But since bottoming out in 2012, home prices in the Janesville-Beloit MSA have been on the rebound. In fact, according to data from Zillow, median home values in the area have increased by nearly 20% since bottoming out five years ago. And while there are still some pockets of weakness - particularly in terms of foreclosures and vacant homes - overall the housing market in Janesville-Beloit appears to be healthy and poised for continued growth in the years ahead.
There are a number of factors driving this positive trend in the Janesville-Beloit housing market. First and foremost is job growth. The unemployment rate in Rock County - which includes Janesville-Beloit - has fallen from a high of 13% during the Great Recession to just 3.8% as of December 2017. This means more people are working and have money to spend on things like buying a home.
In addition, interest rates remain at historically low levels, making it an ideal time to buy a home or refinance an existing mortgage. And finally, there is increasing demand for housing from baby boomers who are downsizing as well as millennials who are just starting out and looking for affordable places to live.
All of these trends point to continued strong growth for the Janesville-Beloit housing market in 2018 and beyond. So if you're thinking about buying a home or investing in real estate here, now is definitely a good time to do so!