Milwaukee has a high demand for rental properties, ranking among the top cities in the country. However, most Milwaukee inhabitants are still having difficulty finding a place to live. Waiting lists for rentals are pretty unusual, and a turn-key house will rent quickly.
According to a report by the Wisconsin Policy Forum, fees on real estate sales brought in more than $132 million for the fiscal year that ended on June 30. In contrast, the previous fiscal year’s revenue was close to $97 million. Learn about Milwaukee housing market statistics before you move and know about the real estate prices.
About Milwaukee’s Real Estate Market
According to information provided by the Greater Milwaukee Association of REALTORS®, there has only been enough supply in March 2022 to meet the demand for 1.9 months. If we take away units with an offer, that number drops to 0.7 months (or roughly three weeks). The market requires an additional 7,970 homes to meet the demand realtors are witnessing this spring. That is the amount needed to satisfy the current demand, indicating that the sellers’ market will continue for a while.
The association projects that the market will continue to expand at a very strong rate through 2022, albeit a little more slowly than in 2021. Real estate agents predict a strong spring real estate market, with certain listings continuing to draw multiple bids but not to the same extent as in 2021.
Following a robust March, home sales inside the Metropolitan Milwaukee property market rose by 2% in the first quarter of 2022. The start of a historic year was signaled by the (Q1) of 2021, which saw a rise of 80 units over the same time in 2021. The number of listings fell by 12.1% in March and by 0.4% in the first quarter.
The 2021 housing market, which was driven by the epidemic, underperformed the Metropolitan Milwaukee market. With a sales rise of 13.4% in March, Washington County surpassed the other three metropolitan counties. Milwaukee County likewise saw an improvement of 8% compared to 2021. In March, sales growth decreased in Waukesha and Ozaukee counties.
Prices rise as demand outpaces supply. In the first quarter, prices rose by 10.8% in the territory of Southeastern Wisconsin’s seven counties and by 9.5% in the region of four counties. There are new dynamics at play in the macroeconomy that may have an impact on the property market in this area, despite the fact that there aren’t many listings for buyers to choose from and new building numbers are low.
Real Estate Prices in Milwaukee
Milwaukee houses typically cost $182,681 to buy. Only residences in the medium price range are included in this figure, which is seasonally adjusted. And over the past year, property values in Milwaukee have increased by 14.3%.
The typical listing price of a home in Milwaukee, Wisconsin, in April 2022 was $174.9K, with a yearly growth rate of 6%. The average listing home costs $130 per square foot. The average cost of a home sold was $196,000.
Homes in Milwaukee sold for a median price of $180K in May 2022, which was a decrease of 1.8% from the previous year. Compared to 43 days last year, Milwaukee houses typically sell after 40 days on the market. May this year saw the sale of 691 fewer properties than May last year (710).
Milwaukee Housing Market Statistics
As per the Greater Milwaukee Association of Realtors president, 2021 witnessed the largest number of sales in the Milwaukee area’s history. However, “SOLD” signage rather than “FOR SALE” signs may be more visible to potential purchasers.
With an increasing number of property listings not really meeting demand, housing sales in the Milwaukee metro region are projected to set a record this year. The Biz Times reported that there is just enough inventory to satisfy demand for 2.5 months, showing a persistently strong seller’s market in Milwaukee and the surrounding counties.
The Milwaukee home market is moderately competitive, according to realty firm Redfin. Milwaukee home prices increased 7.8% over the previous year in March 2022, with a median sale price of $170K. Compared to the previous year, Milwaukee houses typically sell after 46 days on the market. In March of this year, 643 properties were sold, up from 574 in March of last year.
The average home value in the Milwaukee area is $261,710 (ZHVI). In Milwaukee County, where a standard household costs about $202,749, houses are even more affordable. Starter homes and tiny single-family homes ideal for renting make up a significant portion of the Milwaukee property market. With the earnings from one condominium in a strong California market, you may purchase a number of these properties. A semi-market home in a popular real estate market costs far more than luxurious markets like Milwaukee’s Upper East Side, which has a median house price of below $500K.
For those who may afford to purchase a house for the usual price of $462,063, the Upper East Side is a desirable neighborhood (ZHVI). The 50 hottest spots for Zip Codes in the country in 2021 included Milwaukee, WI’s 53226 Zip Code. The bulk of the zip codes in the list had prices that were significantly lower in comparison to the national average.
Currently, the median property listing price for houses for sale in Zip code 53226 is $345,000. On average, homes for sale are on the market for 44 days. Honey Creek Parkway, Cooper Park, Greenfield Gardens, Mount Mary, and Cannon Park, are a few of the most popular areas close to 53226.
As per the American Enterprise Institute, Milwaukee is the seventh most inexpensive metropolitan area for homebuyers. When monthly costs like petrol, food, utilities, and rent are taken into account, it would have the 22nd best “living costs” among the top 75 cities in the United States, according to Move.org. Milwaukee has a competitive living cost, but community leaders claim more has to be done to make it more affordable overall, particularly for lower-income groups. In Milwaukee, between $133,000 and $266,000 is the price range for about 41% of dwelling units.
Key Market Stats:
- As of November 2021, Milwaukee’s Zillow Home Value Index (ZHVI) is $168,059.
Home values in Milwaukee have climbed by 17.5% over the past year
- Milwaukee’s home values have climbed by 74% in the last five years
- According to the most current Realtor.com study, the average list price of a single-family home in Milwaukee (November 2021) is $172,700
- In Milwaukee, the average listing price per square foot is $133
- 51 days on the market (median)
- Milwaukee single-family homes typically sell for $177,000 on the open market
The sale-to-list price ratio in Milwaukee is 100%, which indicates that residences typically sell for the entire asking amount
- Milwaukee’s Lower East Side has the highest median price of the city’s 176 neighborhoods, with an average listing price coming in at $287,400, making it the most costly
- At $35,600, Franklin Heights in Milwaukee has the lowest median list price of any neighborhood for home purchases
- The Milwaukee metro region is among the most affordable areas to own a home in the United States, with a housing affordability score of 2 out of 10.
Average Sale-to-List Ratio in Milwaukee
The sale-to-list ratio, which is often represented as a percentage, is the final sale price of a residence divided by the list price. If the figure is higher than 100%, it means the house sold for more than its original asking price. On the other hand, figures below 100% indicate that the residence was sold for less in comparison to the asking amount.
The level of demand or competitiveness among purchasers in a specific location can be better understood by examining the average sale-to-list ratio across a certain market. This can give you a good indication of the present state of the market, including whether it’s a seller’s or buyer’s market, and just how much negotiating power you’ll have.
Ratio of Sale to List Price: 100.28%
In April 2022, homes in Milwaukee, Wisconsin, often sold for close to the asking amount.
In April 2022, there were more buyers than there were properties available in Milwaukee, WI, creating a seller’s market.
Average Cost to Sell a House in Milwaukee
In Milwaukee, you may wonder “how much does it cost to sell a home?” The answer here varies. Your specific circumstances will determine your overall out-of-pocket expenses, but you should anticipate that selling fees will account for 11.7% or more of the final sale price of your property. You’ll probably pay $30,592 if you sell your house for the $262,362 typical value of a home in Wisconsin.
Based on the typical cost of selling a home in Wisconsin, here is how much you may anticipate paying at various price points.
|Sale price||Cost to sell|
Average House Price in Milwaukee
Data from Realtor.com shows that in March 2022, Milwaukee County’s typical list price for homes was $199.9K, an increase of 8.1% from the previous year. $147 was the average listing price per square foot. $230K was the average sale price. In the Milwaukee county area, there are more buyers looking to buy than there are houses that are available, which suggests that it’s a seller’s market.
Forecasted Growth of the Milwaukee Real Estate Market
What are the property market forecasts for Milwaukee for 2021 and 2022? Let’s examine the pricing patterns that Zillow has been tracking for the last few years. The average home value in the Milwaukee-Waukesha-West Allis Metro has increased by about 79.2% during the past ten years as of May 2012. (ZHVI). The value of homes in the greater Milwaukee area has increased by 11.7% just in the last year. Presently, homes in the Milwaukee-Waukesha-West Allis Metro area cost an average of $261,710.
According to Milwaukee’s housing market data, there’s no reason to believe that the supply bottleneck will be resolved this year. In the counties of Milwaukee, Wauwatosa, Ozaukee, Waukesha, and Washington, new home construction is modestly paced and primarily concentrated on higher-end residences. Milwaukee’s housing shortage has driven up prices, and this trend should persist in 2022. There is hardly enough stock to fulfill demand in the four-county Milwaukee metro area.
- The median house value in the Milwaukee-Waukesha-West Allis metro area is $261,710, and it is expected to climb over the coming year.
- In the first three months of this year, home prices in the four-county area had already increased by 9.5%.
- In the seven counties of southeast Wisconsin, house prices have increased by 10.8% as well.
- Homes in Milwaukee County are typically valued at $202,749. This is an increase of 13% from the previous year.
- Prices in Milwaukee will keep increasing over the next 12 months.
- Home values in Waukesha County have increased by 11.3% in the last year (current value: $375,284) and will do so again in the upcoming year.
- Home values in Washington County have increased by 12.5% in the last year (now $324,666) and will continue to do so.
- The present home value in Ozaukee County is $379,301, and it is expected to climb by another 14.1% during the coming year.
- As per the latest (GMAR) Greater Milwaukee Association of Realtors findings, the Metropolitan Milwaukee housing market exceeded the pandemic-driven market of the year 2020 for the sixth consecutive month.
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