Are you struggling to pay off your mortgage in Milwaukee or do you have debt that you need to pay back? Or maybe you’re concerned about foreclosures? If so, this might be the right time to consider selling your Wisconsin home.
The Milwaukee housing market is currently a seller’s market, beating the national average. In other words, there are more home buyers and fewer sellers. The demand for housing is high from Marquette to Milwaukee, making it the right time to make a real profit from high home prices.
The growing home values will help you pay off debt or avoid foreclosures, making this an attractive real estate investment. The Milwaukee area and its real estate market are in the perfect stage for home sellers today. This part of Wisconsin also has some excellent spots to live in. Keep reading to learn more about the Milwaukee housing market and how long it may take to sell your property.
Average Home Price in Milwaukee
The average home prices in Milwaukee range from $159,900 to $175,500, with the former statistic showing the median list price and the latter stating the median home sold price. You can work with realtors to choose a better asking price for your home before listing it for sale for the first time.
Furthermore, the median listing home price is $119 per square foot of the residence. Milwaukee is a very large city in Wisconsin and includes 172 neighborhoods where homebuyers can check out numerous Milwaukee homes, including condos.
Currently, there are nearly 1,500 homes for sale in the Milwaukee area, and yours could be one of them. Over the last year, home prices have grown along with inflation rates and interest rates.
While this may not be great news for homebuyers, homeowners in the metropolitan Milwaukee area obtained $26,000 in home equity over the last year. Home sellers stand to gain significant revenue from selling their homes in Milwaukee county.
High and Low Home Prices in Milwaukee
Home prices in Milwaukee, Wisconsin, range from as little as $54,900 to as high as $4 million mansions. As of February 2022, the Milwaukee housing market saw a 10.4 percent year-over-year rise, with the median sale price of homes reaching $170,000.
Furthermore, 437 homes were sold in February 2022, which was slightly higher than the 435 Milwaukee homes in February last year. Essentially, the Milwaukee housing market is somewhat competitive right now.
While average homes sell about 1 percent less than the list price, the most impressive and expensive homes sell at four percent above the list price.
Home values have generally increased by 20 percent in Milwaukee County over the last year. In particular, as of August 2021, homes priced from $200,001 to $299,999 grew by 9 percent in the metropolitan Milwaukee area.
These numbers show that high home prices have become more common in this area. However, affordability is still possible. You can find affordable housing in Milwaukee, as the lowest house or condo prices, including single-family homes, are around $60,000 to $150,000.
Best Areas to Live in Milwaukee
Milwaukee has tons of nice neighborhoods for people to live in. You’ll likely have no trouble finding home buyers at this moment in time. Those looking to buy Milwaukee homes can also benefit from considering the many properties for sale all across the wonderful neighborhoods in this city.
Milwaukee’s real estate market has plenty to offer, with strong market trends showing growing property prices. Some of the best Milwaukee neighborhoods include:
- Juneau Town
- Walker’s Point
- Harbor View
- Brewer’s Hill
- Riverwest
- Menomonee River Valley
- Lower East Side
- Northpoint
- Yankee Hill
- Murray Hill
- Bay View
The pandemic has allowed more people to become home buyers, spreading the potential to purchase property around the nation. More individuals than ever before gained the ability to work remotely, so they can choose to live further afield from their work than previously possible.
This led many Millennials to start looking at buying property in different housing markets, including the Milwaukee housing market.
Smaller places to live in Milwaukee, like Juneau Town, are great for families, have good diversity, and tend to have great nightlife for younger generations. Here, residents can enjoy parks, coffee shops, bars, and restaurants. Riverwest also provides decent housing options and great family life due to its parks and outdoor activity possibilities.
Sale-to-List Price Ratio in Milwaukee
The sale-to-list price ratio in Milwaukee for the year 2022 is 100 percent. This value means that Milwaukee homes tend to sell for the entire asking price on average, not including brokerage fees.
As such, selling real estate properties in Milwaukee is beneficial while the market is hot. Essentially, if you sold a property in this city right now, you are likely to sell for your full asking price without having to compromise.
Furthermore, this city’s median home sale price is $177,000 as of 2022. In November 2021, the Zillow home value index was $168,059 in Milwaukee.
Throughout the last year, home values have also been growing, with prices up by 17.5 percent. When looking at the last five years, home prices have risen by 74 percent. There is also a strong renter market in Milwaukee right now.
While housing affordability is still possible, the real estate market in this city has seen some historic pricing deviations in recent years. One-year price changes have reached nearly 12 percent. Nonetheless, housing affordability in Milwaukee is ranked 2 out of 10, which means this city is one of the more affordable places to live in the United States.
Average Days in the Housing Market
The average number of days that the typical Milwaukee home is on the market is 56 as of February 2022. This number has declined by one day over the last year. As such, homes are getting sold a bit faster over the past year in this city.
Average homes sell in about 50 days since getting listed on the Milwaukee housing market. They also sell at around the listed price, so their rankings are good. It may seem counterintuitive, but the more expensive and attractive properties tend to sell much faster, with sales pending after 33 days on the market. The more impressive houses can sell at 4 percent above the asking price.
When putting your house on the market, you should prepare to spend a couple of months trying to sell the place. However, if you’re looking to make a much quicker sale, you should seek out cash buyers. In this case, try contacting companies that buy houses in Milwaukee.
Cash home buyers Glendale residents need can even purchase your home in an “as-is” condition. Bypassing the need for a lender means the closing can occur in less than two weeks.
You’ll also want to consider the cost of selling a house, which can include closing costs and the commission fees of real estate agents. By contacting cash home buyers, you won’t necessarily need to worry about the costs of realtors.
Luckily, we buy homes in Wisconsin. You can get a good deal without needing to wait the average days on the housing market or dealing with open houses or realtors.
Conclusion
After reading through this guide to the Milwaukee housing market, you should better understand why we buy houses in Milwaukee. Home values are growing for a reason. Besides inflation, Milwaukee has excellent neighborhoods for families with plenty of outdoor activities, which leads to home value growth.
The sale-to-list price ratio is also great, as most home buyers tend to sell their place at their original listed price. Buyers can choose from a wide variety of home prices among great neighborhoods. Sellers have gained more equity in their property over the last year, while buyers can still find affordable housing in Milwaukee.
