Published October 11, 2026 in Market Update

Primary market remains tight despite higher mortgage rates

By Karen Larson

Real estate, Primary market

Freddie Mac reported the average 30-year fixed rate at 7.40% as of October 8, 2026. That is a meaningful cost for buyers. Yet the Real Estate Data Aggregator counted just 0.9 months of supply in ZIP 53129 for the three months ending August 31, 2026. Supply that thin means competition has not gone away.

For context, the National Association of Realtors reported 4.9 months of supply nationally, the highest level in over ten years. Primary market sits far below that. Sellers here are working from a very different position than sellers in most of the country.

Most homes still sold above list price

The Real Estate Data Aggregator found that 60.9% of homes in ZIP 53129 sold above list price in the three months ending August 31, 2026. That share is down 10.5 points from the same period in 2025. So competition has eased a little. But more than 6 in 10 homes still drew offers above asking. That is not a soft market.

The average sale-to-list ratio was 103.2%, according to the Real Estate Data Aggregator. That is down 1.5 points from a year ago. Prices are not running as far above list as they once did. Still, sellers are consistently closing above their asking price.

Homes are moving quickly

The Real Estate Data Aggregator recorded a median of 28 days on market in ZIP 53129 for the three months ending August 31, 2026. That is 10 days shorter than the same period in 2025. Realtor.com also reported that homes nationally are spending fewer days on the market than a year ago. Primary market is moving faster than it was.

The Real Estate Data Aggregator also found that 65.7% of homes went under contract within two weeks of listing. That share is down 5.1 points from a year ago, so not every home is snapped up instantly. But nearly two-thirds still are.

Inventory dropped sharply

The Real Estate Data Aggregator counted 14 homes for sale in ZIP 53129 during the three months ending August 31, 2026. That is down 39.1% from the same period in 2025. New listings also fell, down 18% to 41 homes. Fewer sellers are listing. That keeps supply extremely limited for buyers.

The median price dipped a little

The Real Estate Data Aggregator put the median sale price in ZIP 53129 at $400,000 for the three months ending August 31, 2026. That is down 4.9% from the same period in 2025. Prices have softened somewhat. That is an honest admission. Yet homes are still selling above list and moving in under a month, so the market has not lost its footing.

Nationally, Realtor.com reported active listings up 6.7% from a year ago, the fastest pace since February. Primary market went the other direction, with inventory falling sharply. That local tightness is what continues to support pricing here, even as rates rise.

What higher rates mean here

Freddie Mac's 7.40% average 30-year rate as of October 8, 2026 adds real cost to every purchase. CNBC reported that mortgage rates hit their highest level in three years, above 7.5%, in early October 2026. Nationally, a Redfin senior economist noted rates sitting above 7% are weighing on buyers. Pending sales in ZIP 53129 reflect that: the Real Estate Data Aggregator counted 35 pending sales, down 27.1% from a year ago.

Fewer buyers are in contract. That is real. But the ones who are active are still competing hard for a very small pool of homes. Offer strategy matters more when there are fewer buyers but also far fewer listings.

One street can read very differently from the ZIP code as a whole. A home on one block may be moving faster or slower than these numbers suggest. The figures above cover all of 53129 together.