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Racine County property values have increased since Foxconn announcement

Posted at 4:57 PM, Sep 04, 2018
and last updated 2018-09-04 18:32:58-04

In Racine County home prices are going up and real estate experts say Foxconn is a main reason why.

Listings are showing that homes are selling for thousands of dollars more than what they were worth last year showing that this county is on an upswing.

For Courtney and her family looking to buy a home has had its ups and downs, her family is moving to Racine County from Indiana.

"We have been looking for houses for three months," she said. "We were feeling really discouraged. Houses that needed a lot of work which we're ok with but priced if they were brand new, so we couldn't afford it. From a buyer's standpoint I think I was a little shocked because I think I had in my mind what I expected the market to be."

There may be a reason why real estate agent Rosa Stong says this has been happening since Foxconn announced their plan to build $10 billion manufacturing plant in the county.

"It's because Foxconn brought attention to this area which has been depressed and compared to the rest of the United States, Racine was lower than it should be," Stong said.

According to Metro MLS data in the fourth quarter of 2016, the average sales price of a home was around $170,000. In the first quarter of this year, the average price increased to around $184,000. But in the second quarter of this year, the average home price shot up to around $206,000

Stong expects prices to continue to rise, slow and steady over the next 5 years. Courtney and her family were able to eventually close on a house and will be moving in later this week.

Along with property values, taxes and interest rates are growing in the county.