53147, Lake Geneva, WI

Lake Geneva, Wisconsin is a small town located in the northwest corner of the state. The population was just over 10,000 as of 2010. The median household income was just under $100,000 as of 2010. Home prices in Lake Geneva have been on the rise for several years now and are among the highest in the state.

The average home price in Lake Geneva was $269,900 as of September 2016. This is up from $236,700 only three years earlier and represents an increase of almost 30%. The median home value in Lake Geneva is also quite high at $214,500. This puts it well above both the statewide median home value ($155,600) and the national median home value ($185,200).

One reason that home prices have been increasing so rapidly in Lake Geneva is that there are relatively few homes available for sale compared to other areas of Wisconsin. In fact, according to Zillow’s 2017 National Housing Survey report, only 2% of all housing units in Wisconsin are available for sale right now – which is much lower than both the statewide average (4%) and national average (5%). As a result, buyers have had a lot more choice when it comes to where they want to live and have been able to drive up prices accordingly.

Another factor that has contributed to rising home values in Lake Geneva is low interest rates. As of September 2016, interest rates were only 3%. This makes it much easier for people who want to buy a house to do so without having to worry about high loan payments or getting stuck with an expensive mortgage that they may not be able to afford down the road.