Wisconsin is a great place to live, with plenty of job opportunities and a thriving economy. The Milwaukee housing market is no exception, with the average house price projected to increase by 3%, while the overall inflation of real estate prices is forecast at 2%. These numbers may seem small, but they can make a big difference for home buyers and sellers in Milwaukee. So if you’re thinking of buying or selling a house in WI in 2022, it’s important to be aware of these trends and plan accordingly. Keep reading for more information on the state of the Milwaukee housing market!
Wisconsin Real Estate Market in 2021
In 2021, the median price of a home in Wisconsin increased at the fastest pace in roughly 15 years. Historically low mortgage interest rates helped to fuel the 2021 real estate market. However, those rates have been on the rise lately due to inflation. In addition, the limited supply of houses in Milwaukee has pushed up prices, which should continue in 2022. There is barely enough inventory in the four-county Milwaukee metropolitan area to meet the demand.
The market’s primary problem is a lack of new single-family homes and condo creation, as well as an overabundance of apartments. This bottleneck, along with the demographic boom among Millennial and Generation Z buyers, historically low lending rates, and a strengthening economy, has created a particularly tight situation.
In August 2021, the median list price of houses in Milwaukee County was $195,600, increasing 3.0 percent from a year earlier. The median listing price per square foot was $127. The median sale price was $215,000. The Milwaukee County market is a seller’s market because more buyers are looking for homes than there are available houses in the region, which indicates that it is a seller’s market. On average, home values in Milwaukee County, WI, rose by 1.22% above the asking price in August 2021.
- There are 19 cities in Milwaukee County.
- River Hills has a median home listing price of $457.5K, making it the most expensive city.
- Milwaukee is the most affordable city, with a median listing price of $165K.
- There are 176 neighborhoods in Milwaukee City.
- Juneau Town has a median listing price of $295K, making it the most expensive neighborhood.
- Franklin Heights is the most affordable neighborhood, with a median listing price of $64.9K.
According to Redfin, the housing market in Milwaukee is somewhat competitive. Last month’s average sale price for a house in Milwaukee was $180K, up 6.8% over last year. In Milwaukee, the average sale price per square foot was $127 in July, up 7.2 percent from the previous year. In the last month, 746 homes have been sold in Milwaukee. Last month also saw the listing of 328 houses in Milwaukee and 324 condos, one townhouse, and 969 multi-family units.
- Some homes get multiple offers.
- The average homes sell for about 2% above the list price and go pending in around 46 days.
- Homes in Milwaukee receive three offers on average.
- Hot listings can sell for about 8% above the list price and go pending in around 34 days.
Forecasted Inflation of Real Estate in 2022
Wisconsin’s housing market is expected to experience moderate growth in 2022. The average house price is projected to increase by 3%, while the overall inflation of real estate prices is forecast at 2%. These numbers may seem small, but they can make a big difference for home buyers and sellers in Milwaukee. So if you’re thinking of buying or selling a house in WI in 2022, it’s important to be aware of these trends and how to be prepared for a busy housing market.
Wisconsin Real Estate Price Forecast in 2022
What are the Milwaukee real estate market predictions for 2022? First, let’s take a look at Zillow’s price trends over the last several years. Since October 2011, the typical home value in Milwaukee-Waukesha-West Allis Metro has increased by about 68% (data from Zillow Home Value Index). Over the last year, Greater Milwaukee’s home values have risen by 17.4 percent on average. The typical value of houses in the Milwaukee-Waukesha-West Allis Metro area is currently $252,643.
It indicates that 50 percent of all housing stock in the area is worth more than $252,643, and 50 percent is worthless (adjusting for seasonal fluctuations).
The bottom line is that the demand is outpacing the supply, requiring buyers to overbid and sellers to get multiple offers. In other words, there are fewer available houses than potential purchasers in the market. This means that sellers have an edge in this real estate market.
Trends in House Selling by 2022 in WI
If you’re thinking of selling your home in Milwaukee in 2022, it’s important to be aware of the trends in the real estate market. Over the past few years, the average sale price of a home in Milwaukee has increased steadily. In addition, the market is becoming increasingly competitive, with more buyers than homes for sale. If you’re thinking of selling your home in Milwaukee, it’s important to be aware of these trends and plan accordingly.
The average sale price of a home in Milwaukee was $180K last month, up from $170K the previous year. In addition, the average sale price per square foot has been increasing steadily and is currently at $127. The average number of days on the market has decreased from 55 to 46, and the percentage of homes that sell above the asking price has increased from 18% to 22%.
Average House Price Trend by 2022 in WI
The average home price in Milwaukee is expected to continue increasing over the next few years, reaching around $210,000 by 2022. This increase is in line with the overall inflation of real estate prices in Wisconsin.
If you’re looking for a neighborhood with a bit more affordable housing prices, the suburbs of Milwaukee may be a good option. The average house price in Waukesha, Washington, and Ozaukee counties is currently below $300,000 but is projected to continue increasing over the next few years.
- According to Zillow, the typical value of houses in the Milwaukee-Waukesha-West Allis Metro region is $252,643, and they are projected to rise 9.5% over the next year.
- In June, the typical value of houses in Milwaukee County was $194,600, up 20.0% from a year earlier. Over the next year, house prices will continue to rise.
- In the Waukesha County market, home values (current $362,655) have increased 15.3% in the last year and will continue to rise for the following year.
- Home values in Washington County (2021 = $314,175) have increased by 20.2% over the last year and will continue to rise over the next year.
- In Ozaukee County, home values (present value = $356,876) have increased 12.4% in the last year and will continue to rise over the next year.
Due to low housing inventory, now is a great time to consider selling Milwaukee homes or a house in the surrounding Milwaukee area. If you’re thinking of selling, it’s important to be aware of the trends in the market and plan accordingly. With the right preparation, you can maximize your chances of getting your asking price or even higher.
Trends in House Selling by 2022 in Milwaukee
The real estate market in Milwaukee is forecast to grow significantly in the next few years. It is anticipated that more people will sell their houses in 2022 than in 2021 as the market continues to grow stronger.
There are several reasons for the anticipated increase in house sales. One is that interest rates are expected to remain low, making it a good time to buy a home. Additionally, job growth in Milwaukee is projected to be strong in the next few years, which will lead to more people moving to the area and needing places to live. Finally, the population of Milwaukee is expected to grow by about 0.75% per year through 2022, which will also contribute to the demand for housing.
If you are thinking of selling your house in Milwaukee in the next few years, it is important to be aware of these trends so that you can price your home appropriately and attract buyers. It is also good to consult with a real estate professional/ realtors to get expert advice on timing your sale and marketing your home. With the proper preparation, you can maximize your chances of success in selling your house in Milwaukee.
Average House Price Trend by 2022 in Milwaukee
The average house price trend in Milwaukee is expected to rise by around 2.5% from 2021-to 2022. This is mainly due to the overall inflation of real estate in the city, which is expected to be around 3.5% during the same time period. While this may not seem like a lot, it is important to remember that the average house price in Milwaukee has increased 7.8% year over year. In fact, the median house price in the city is currently around $170,000. This means that even a slight increase of just a few percentage points can significantly impact the overall cost of a home.
Of course, it is also important to keep in mind that these are just averages. Some areas of the city may see much higher increases than others. For instance, areas that are particularly desirable or that have seen a lot of recent development may see prices go up by even more than the citywide average. Conversely, areas that are not as popular or that have been hit hard by the pandemic may see only modest increases, or even decreases, in prices.
It is always important to consult with a real estate professional or real estate agent before making any major decisions about buying or selling a home. They will be able to provide you with the most up-to-date information about the current market conditions in your specific area and can help you navigate the process of buying or selling a home.
If you’re thinking of selling your home in Milwaukee, 2022 is shaping up to be a good year to do so. Prices and price per sqft are expected to continue to rise, albeit at a slower rate than in recent years, and there is still high demand for homes in the city. But, of course, it’s always important to consult with a real estate professional to get the most accurate information about the market in your specific area.
>>Learn more about the best time to sell a house in Wisconsin!
Final Takeaways
It’s clear that the housing market in Milwaukee is on the rise, with prices forecasted to continue increasing into 2022. So if you’re thinking of selling your house in the near future, it’s best to do so sooner rather than later to get the most out of your investment.
However, it can be challenging to sell a home when you’re ready to but your house isn’t.
Whether you’d like to sell your house and move out of state, take advantage of the increase in property values, or because you’d like to buy a brand new home, selling a house includes a good amount of preparation. We’re talking about repairs, upgrades, cleaning, decluttering, and then staging and adding curb appeal. Unfortunately, most potential buyers aren’t in the market for a fixer-upper or outdated home. So to help you sell your property quickly, making these improvements may be necessary.
Keyword “maybe,” you can always sell your home in as-is condition to a “we buy houses Milwaukee” company instead. Cream City Home Buyers is a cash home buyer that doesn’t require any repairs to be made, doesn’t charge real estate commissions and will make you an offer for your home within 24-hours and close in as little as 7-days.
If you don’t want to miss out on a great time to sell your Wisconsin home, consider selling to cash home buyers in Fox Point, Glendale, Oconomowoc, or Hartland, today!
