What Are Lake Geneva and Southern Lakes Region Homes Worth?

By Kim and Joel Reyenga, eXp Realty | YourWiscoHome.com

Quick answer: In August 2026 the national market and the local market moved in opposite directions. Nationally, existing-home sales fell 2.0 percent and supply reached 4.9 months, the highest in over 10 years. In Walworth County, inventory of single family homes fell 11.2 percent and days on market dropped from 57 to 38. The median sale price in Delavan, Lake Geneva and Williams Bay rose 11.4 percent to $423,194. Mortgage rates are the wild card: Freddie Mac's weekly survey read 6.76 percent on September 10, while Mortgage News Daily's daily index hit 7.22 percent on September 15.

This report works from the national picture down to the county and the towns. Every figure is sourced and dated.

National

The National Association of REALTORS released August 2026 existing-home sales on September 10.

Measure	August 2026	Change
Existing-home sales	3.98 million annual pace	down 2.0% month over month
Year over year		down 1.2%
Year to date		up 1.6%
Median price	$429,100	up 1.6%
Total inventory	1.62 million units	up 5.9% year over year
Months of supply	4.9	up from 4.6 in July
Median days on market	31	up from 29 in July
First-time buyer share	30%	up from 28% a year ago
Investor and second-home share	15%	down from 21% a year ago
All-cash share	27%	down from 28% a year ago
Affordability Index	104.7	up from 101.2

August was the first month below a 4 million annual pace since June 2025, and the 38th consecutive month of year-over-year price increases.

NAR Chief Economist Lawrence Yun tied the dip to borrowing costs: "Mortgage rates and home sales move in opposite directions, so it's not surprising to see a mild dip in home buying activity due to high mortgage rates."

On supply, Yun said the 4.9-month figure is "its highest level in over ten years" and that "the ample supply of homes for sale on the market is giving homebuyers better opportunities to negotiate."

The investor number deserves attention in a second-home market. Individual investors and second-home buyers made up 15 percent of August transactions, down from 21 percent in August 2025. Second-home ownership types in this region are set out in our regional overview.

Zillow's August report put the typical U.S. home value at $369,678, up 1.3 percent year over year, with the index down 0.1 percent for the month and 1.41 million homes for sale, 3 percent above a year earlier.

Redfin reported new listings rose 2.6 percent month over month in August to their highest level in over 4 years, with total homes for sale at the highest level since 2020, and 3 in 5 homes selling below original asking price.

The four regions

NAR breaks the country into 4 regions. All 4 moved differently in August.

Region	Sales pace	Month over month	Year over year	Median price	Price change
Northeast	480,000	down 4.0%	down 2.0%	$556,900	up 4.3%
Midwest	940,000	down 3.1%	down 2.1%	$340,400	up 3.3%
South	1.84 million	down 1.6%	unchanged	$366,500	up 0.7%
West	720,000	unchanged	down

The South is the largest region by volume and posted the weakest price gain of any region that gained at all, up 0.7 percent.

The Midwest, which includes Wisconsin, carries the lowest median price of the 4 regions at $340,400 and posted a 3.3 percent gain.

Affordability improved in all 4 regions year over year. The West improved 5.9 percent, the South 4.5 percent and the Northeast 0.5 percent.

Realtor.com's August data showed the West region median list price at $599,000, down 2.1 percent, with 22 percent of listings carrying a price reduction.

Interest rates

Two numbers are circulating and they disagree. Both are correct, and the difference matters.

Freddie Mac's Primary Mortgage Market Survey put the 30-year fixed at 6.76 percent for the week ending September 10, 2026, up from 6.71 percent the prior week. The 15-year averaged 6.09 percent. A year earlier the 30-year was 6.35 percent.

Mortgage News Daily's index read 7.22 percent on September 15, 2026, up 0.05 for the day, with the 15-year at 6.82 percent. MND reported rates "moved higher for the 6th day in a row on Tuesday and to the highest levels since January, 2025." The 10-year Treasury sat at 4.997 percent.

The gap comes from methodology. Freddie Mac surveys lenders weekly and publishes Thursdays, so its number reflects the prior several days. MND updates daily. When rates move fast, the daily index leads and the weekly survey lags.

For August, the Freddie Mac monthly average was 6.67 percent, up from 6.54 percent in July and 6.59 percent a year earlier.

NAHB forecast in February that rates would stay slightly above 6 percent in 2026, with a "sustained sub-6% mortgage rate" waiting until 2027.

Get a current quote from a lender. A number from a weekly survey, including the one in this article, can be half a point behind the market.

New construction

Builders pulled back sharply through the summer.

July housing starts ran a 1,239,000 annual pace, down 12.4 percent from June and 13.5 percent from July 2025, per the Census Bureau and HUD. Permits went the other way, up 5.0 percent to 1,443,000, with single family authorizations at 894,000.

Units under construction totaled 1.26 million in July, down 6 percent year over year. Single family units under construction fell 7.2 percent to 579,000, per NAHB's analysis of Census data.

The NAHB/Wells Fargo Housing Market Index read 35 in August, up from 34 in July. 35 percent of builders cut prices in August, with an average reduction of 6 percent. Sales incentives ran 63 percent in July, the 16th consecutive month at 60 percent or higher.

One national figure worth knowing. In the second quarter of 2026 the median new single family home sold for $410,700 against $435,700 for an existing home, per Census and NAR data. New homes were $25,000 cheaper than existing homes nationally, the largest gap on record.

That flips in our region. In the Midwest, new homes sold at a $397,200 median against $342,000 for existing, so new construction cost $55,200 more. Locally the gap runs the other way in at least one village, covered in buying a home in Williams Bay.

Wisconsin

The Wisconsin REALTORS Association publishes monthly around the 20th, so the August 2026 statewide report had not been released as of this writing.

WRA's most recent full report covered June 2026. Statewide existing home sales rose 5.9 percent year over year, the median price rose 5.9 percent to $360,000, and year-to-date sales were up 3.7 percent with the median up 6.3 percent to $340,000. Supply held at 4.2 months, below the 6-month balanced-market benchmark.

WRA also reported that the share of Wisconsin homes listed under $350,000 fell from 68.9 percent in June 2021 to 46.2 percent in June 2026.

Southeastern Wisconsin

Metro MLS reported August 2026 figures for the 4-county Milwaukee metro of Milwaukee, Ozaukee, Washington and Waukesha.

Measure	Aug 2025	Aug 2026	Change
New listings	1,822	1,870	up 2.6%
Pending sales	400	484	up 21.0%
Closed sales	1,498	1,429	down 4.6%
Median sale price	$376,250	$409,900	up 8.9%
Average sale price	$447,713	$497,552	up 11.1%
Days on market	19	19	unchanged
Inventory	3,009	3,340	up 11.0%
Months supply	2.0	2.3	up 16.4%

Year to date, closed sales ran 10,753 against 10,218, up 5.2 percent, and new listings ran 14,749 against 13,446, up 9.7 percent.

Months supply of 2.3 is less than half the national 4.9. Pending sales up 21 percent points to closings later this fall.

Walworth County

Metro MLS reported the following for Walworth County in August 2026, covering single family and townhouse or condominium.

Measure	Aug 2025	Aug 2026	Change
New listings	192	181	down 5.7%
Closed sales	149	136	down 8.7%
Median sale price	$421,000	$425,000	up 1.0%
Percent of original list received	95.7%	96.0%	up 0.3%
Days on market	57	38	down 33.3%
Single family inventory	385	342	down 11.2%
Condominium inventory	132	137	up 3.8%

Year to date, closed sales ran 905 against 911, down 0.7 percent, while the median rose 7.5 percent to $418,000 and percent of original list received rose to 97.1 percent. Our Town and Country study reports all 31 municipalities in the region on a trailing 12 month basis.

Single family inventory fell 11.2 percent here while national inventory rose 5.9 percent. Days on market dropped by a third.

Delavan, Lake Geneva and Williams Bay

Metro MLS reported the following for the 3 cities combined in August 2026.

Measure	Aug 2025	Aug 2026	Change
New listings	59	62	up 5.1%
Closed sales	38	51	up 34.2%
Median sale price	$380,000	$423,194	up 11.4%
Percent of original list received	94.6%	96.1%	up 1.5%
Days on market	89	36	down 59.6%
Single family inventory	138	121	down 12.3%
Condominium inventory	48	59	up 22.9%

Year to date, closed sales ran 274 against 292, down 6.2 percent, with the median up 8.1 percent to $392,000.

Metro MLS notes on the report that "activity for one month can sometimes look extreme due to small sample size." At 51 closings, the 34.2 percent gain and the 59.6 percent drop in days on market both rest on a small base.

The condominium split is worth noting. Single family inventory fell 12.3 percent while condominium inventory rose 22.9 percent. Our condominium study separates the 4 condominium products in this region, which price nothing alike.

Snowbird and relocation markets

Buyers and sellers here frequently own in, or are moving from, the Sun Belt. Those markets are behaving differently than ours.

Redfin's July 2026 analysis found 39 of the 49 largest U.S. metros qualify as buyers' markets, with buyers holding the most negotiating room in Miami, Nashville and Houston.

Florida. The statewide median single family price was about $425,000 at the end of July, up 3.7 percent year over year, at an all-time high set in June 2026. Fort Myers and Naples showed 5.0 months of supply on single family and 7.5 months on condominiums in August 2026. Tampa list prices fell 5.6 percent year over year, one of the steepest declines nationally. Zillow put the typical Sarasota home value at $413,155, down 4.0 percent over the past year.

Arizona. Statewide median sale price was $428,217 in August, down 0.88 percent year over year, with 5 months of supply and 66 days on market. Metro Phoenix posted a $475,000 median list price, down 4.8 percent, with active listings up 5.2 percent.

Texas and Tennessee. Austin led national list price declines at 8.1 percent. Nashville posted a 15.8 percent year-over-year jump in new listings, second nationally. Redfin describes Nashville as "one of the strongest buyer's markets in the nation, with years of homebuilding leaving house hunters with plenty of options."

Chicago. Chicago posted a 3.6 percent year-over-year gain in list price per square foot in August, third strongest in the country behind Providence at 9.3 percent and Indianapolis at 4.4 percent. Owners managing a Wisconsin property from Illinois can read selling from across the state line.

Realtor.com senior economist Jake Krimmel described the pattern: "One common thread for most markets, including Austin, Tampa, San Antonio, Denver, is 2020-22 boomtowns continuing to give back some of their pandemic-era gains. These are also, by and large, places with much more inventory now than pre-pandemic norms."

Nationally, the median list price was $424,500 in August, down 1.3 percent year over year and down 1.0 percent from July, the 10th consecutive month of annual declines.

Inventory, three ways

Month over month. National inventory rose 3.2 percent from July to August. Walworth County single family inventory fell from 385 to 342 year over year.

Year over year. National inventory up 5.9 percent. Milwaukee metro up 11.0 percent. Walworth County single family down 11.2 percent. Delavan, Lake Geneva and Williams Bay single family down 12.3 percent, condominium up 22.9 percent.

Months of supply. National 4.9. Wisconsin statewide 4.2 as of June. Milwaukee metro 2.3. All 3 measure the same thing and they differ by more than double.

Zillow found the metros with the most August inventory growth were Salt Lake City at 6.2 percent, Buffalo at 5.2 percent and Detroit at 5.0 percent.

Appreciation, three ways

Month over month. The Zillow Home Value Index fell 0.1 percent nationally in August.

Year over year. National median existing-home price up 1.6 percent. Midwest up 3.3 percent. Milwaukee metro up 8.9 percent. Walworth County up 1.0 percent. Delavan, Lake Geneva and Williams Bay up 11.4 percent.

Year to date and trailing 12 months. Walworth County year-to-date median up 7.5 percent to $418,000. Delavan, Lake Geneva and Williams Bay up 8.1 percent to $392,000. The Milwaukee metro 12-month median was $375,000 against $353,177, up 6.2 percent.

Metro MLS tracks a 6-month weighted average of median price change specifically because single months swing on sample size. The same logic drives how a property gets priced at the individual level.

Sources

National sales, price, inventory and regional data: National Association of REALTORS, Existing-Home Sales, August 2026, released September 10, 2026, and the NAR Realtors Confidence Index for August 2026.

Mortgage rates: Freddie Mac Primary Mortgage Market Survey, week ending September 10, 2026. Mortgage News Daily rate index, September 15, 2026.

New construction: U.S. Census Bureau and U.S. Department of Housing and Urban Development, New Residential Construction, July 2026, released August 18, 2026. NAHB/Wells Fargo Housing Market Index, August 2026. NAHB analysis of Census data. NAHB 2026 Housing Outlook, February 2026. New versus existing price comparison from Census Bureau and NAR data, second quarter 2026.

National home values and inventory: Zillow August 2026 Market Report. Redfin August 2026 new listings report and July 2026 buyers' market analysis.

List price and metro comparisons: Realtor.com Monthly Housing Trends Report, August 2026.

Wisconsin statewide: Wisconsin REALTORS Association monthly home sales reports. The August 2026 report had not been released as of this writing.

Milwaukee metro, Walworth County, and Delavan, Lake Geneva and Williams Bay: Metro MLS Monthly Metrics and Monthly Local Market reports, August 2026, prepared September 10, 2026, powered by RapidStats.

Our own regional analysis: the 4 studies covering town and country, lakefront, lake association and condominium property, built from a flexmls export of 15,555 records covering 2020 through August 21, 2026.

Frequently asked questions

What are mortgage rates right now?

Two published figures differ. Freddie Mac's Primary Mortgage Market Survey put the 30-year fixed at 6.76 percent for the week ending September 10, 2026, with the 15-year at 6.09 percent. Mortgage News Daily's daily index read 7.22 percent on September 15, 2026, with the 15-year at 6.82 percent, and reported rates had risen 6 days running to their highest levels since January 2025. Freddie Mac surveys weekly and publishes Thursdays, so it lags when rates move quickly.

Is the housing market slowing down in 2026?

Nationally, on volume. Existing-home sales fell 2.0 percent month over month in August 2026 to a 3.98 million annual pace, down 1.2 percent year over year, the first reading below 4 million since June 2025. Prices rose, with the median at $429,100, up 1.6 percent and the 38th straight month of annual increases. Locally the direction differed: Metro MLS reported closed sales in Delavan, Lake Geneva and Williams Bay up 34.2 percent in August.

How much inventory is there in Walworth County?

Metro MLS reported 342 active single family listings in Walworth County in August 2026, down 11.2 percent from 385 a year earlier, and 137 condominium listings, up 3.8 percent from 132. Nationally, NAR reported inventory up 5.9 percent year over year and months of supply at 4.9, the highest in over 10 years. The Milwaukee metro ran 2.3 months of supply.

What is happening with new construction?

July 2026 housing starts ran a 1,239,000 annual pace, down 12.4 percent from June and 13.5 percent from July 2025, per Census and HUD. Single family units under construction fell 7.2 percent year over year to 579,000. The NAHB/Wells Fargo index read 35 in August, and 35 percent of builders cut prices with an average reduction of 6 percent.

Are Florida and Arizona home prices falling?

By some measures. Arizona's statewide median sale price was $428,217 in August 2026, down 0.88 percent year over year, and metro Phoenix's median list price fell 4.8 percent. Zillow put the typical Sarasota, Florida home value at $413,155, down 4.0 percent over the past year, while Florida's statewide median single family price reached an all-time high in June 2026 and stood about $425,000 at the end of July, up 3.7 percent.

Which markets favor buyers right now?

Redfin's July 2026 analysis found 39 of the 49 largest U.S. metros qualify as buyers' markets, with buyers holding the most negotiating room in Miami, Nashville and Houston. Nationally, Redfin reported 3 in 5 homes sold below original asking price in August.

Why work with Kim and Joel

National figures describe a 4.9-month market. Walworth County ran a different set of numbers in the same month, with single family inventory down 11.2 percent and days on market down by a third.

We track this region at the level where decisions actually get made. Every closed sale back to 2020, sorted by jurisdiction, property type, association, frontage and boat slip status, published as 4 studies covering 26 lakes and 31 municipalities.

Between us we've worked this market for a combined 50 years.

Call (262) 325-9867, or request a property valuation.