Milwaukee Real Estate Market Update: A Quarterly Insight for 2024

Hello everyone, Ben Gohlke here from Realty Dynamics. Welcome back to another edition of the Real Estate Minute, where we bring you quick, insightful updates on the real estate market. This time, I'm thrilled to provide a quarterly update focusing on my home turf – Milwaukee County. The dynamics of the market have been quite fascinating, and I've compiled some key findings that capture the essence of what's happening locally in our real estate sphere.

The Current State of Milwaukee's Real Estate Market

The Milwaukee real estate market is buzzing with activity, and recent data underscores some interesting trends that are shaping the buying and selling landscape. Here's a snapshot of the current market conditions in Milwaukee:

• Homes for Sale: As of now, Milwaukee boasts an inventory of 1,286 homes for sale. This figure is crucial for both buyers and sellers as it gives us an idea of the market's liquidity and inventory levels.
• Average House Price: The average house price in Milwaukee as of February 2024 stands at $185K, which is a significant 15.6% increase compared to last year. This uptick in prices is a testament to the area's growing appeal and the overall health of the real estate market.
• Market Dynamics: On average, homes in Milwaukee are receiving 3 offers, with properties selling in around 52 days. This level of activity indicates a competitive market environment, driven by buyers' keen interest in securing homes in Milwaukee.
• Price Per Square Foot: The median sale price per square foot now hovers at $125, marking an 11.1% increase since last year. This metric is especially useful for understanding pricing trends and valuations in finer detail.

Downtown Milwaukee Versus the Broader Area

Downtown Milwaukee presents a slightly different picture. Last month, the median sale price of a home in this area was $368K, which is down 13.5% since last year, with homes selling after an average of 48 days on the market. This contrast with the broader Milwaukee County's trends is intriguing and highlights the varied market dynamics at play within different parts of the region.

A Look at Milwaukee-Waukesha-West Allis Area

The overall area encompassing Milwaukee, Waukesha, and West Allis has experienced steady growth in housing prices over the past year. The typical home value in this wider region is now estimated at $321,037, showing an 8% increase. This growth pattern reflects the sustained demand and the positive sentiment prevailing in the market.

Market Outlook

Despite the fluctuations, Milwaukee's real estate market remains tilted in favor of sellers, mainly due to the limited inventory and the high demand among buyers. This competitive landscape underscores the need for buyers to act decisively and for sellers to capitalize on the favorable market conditions.

The Milwaukee real estate market is vibrant and full of opportunities. Whether you're looking to buy or sell, understanding these trends can provide valuable insights into making informed decisions. As we continue to navigate through 2024, staying abreast of these market updates will be key to successfully navigating the real estate landscape in Milwaukee County.