Milwaukee, WI housing market

Is it a buyer’s or seller’s market in Milwaukee, WI?

It is considered a seller’s market right now. Housing inventory is down since last year, which means supply is more constrained. Mortgage rates are 7.1%, making the average house payment $1,700, which is $546 higher than a year before.

Total months of housing supply available for sale is 2.1 months, down 4.5% from 2.2 month(s) in December 2023.

Months of Supply

The Months of Supply housing metric is an estimate of how long it would take to sell all the homes for sale relative to the number of homes sold each month. Historically, 5 to 6 months is the average. You may also hear this metric referred to as the "absorption rate."

Lower months of housing supply typically signal a seller’s market whereas when months of supply is greater than 6 months typically signal a buyer’s market.

Sales to Listing Ratio

Sales to Listing Ratios are an indicator of supply and demand. It is all the completed sales in the past month divided by the total number of active listings.

In a balanced real estate market, the total number of home sales to active listings ratio is between 0.12 and 0.2 while markets with a ratio higher than 0.2 favors seller’s, as homes are selling fast and there is limited inventory, while markets below 0.12 favor home buyers because there is a larger supply of homes to purchase.

Selling a house in Milwaukee, WI

Home values have increased by 22.1% since last year, and the number of days it takes to sell a home has decreased from 52 days in December 2023 to 49 days in December 2024.

The best time to sell your home in Milwaukee is in June, when homes sell fastest and for the most money.

Sellers typically pay the commission of both the listing and buyer’s agents, which typically total 5-6% of the home sale price. That’s $12,825 paid in commission to the real estate agents. You’d also need to factor in closing costs, plus other fees and your mortgage payoff amount, to calculate the net proceeds from your home sale.

Buying a house in Milwaukee, WI

Homes in Milwaukee have a median price of $213,750, which means you’ll need $21,375 for a 10% down payment. Housing costs have increased 22.1% in the past year. When you’re several months out and have your down payment saved, make sure to get pre-approved for a mortgage and find a real estate agent.

Home values are only one part of the home affordability equation. When buying a house in Milwaukee, don’t forget to also account for closing costs, which are typically 3-4% of the home cost. In addition to a down payment of $21,375 you should have $8,550 as well as budget for cash reserves, moving expenses and ongoing homeownership costs for home maintenance and repairs or HOA fees.

Milwaukee home values are 6.4% more expensive than Racine and 46% cheaper than the state median home value.

Milwaukee, WI housing market FAQs

• Are Milwaukee home prices dropping or rising?

  Home prices in Milwaukee are rising overall. Median home prices are up 22.1% since December 2023 and up 26.5% in the past 3 years.

• Is Milwaukee a seller’s market in December 2024?

  The Milwaukee housing market is a seller’s market. Homes in Milwaukee stayed on the market for 49 days in December 2024, faster than 53 days a year prior.

• Is Milwaukee a buyer’s market in December 2024?

  The Milwaukee housing market is is not a buyer’s market, it’s considered a seller’s market. Homes in Milwaukee stayed on the market for 49 days in December 2024.

• When is the best time to buy a house in Milwaukee?

  The best time to buy a house in Milwaukee is in January when homes sell for 97.7% of the list price.

• When is the best time to sell a house in Milwaukee?

  The best time to sell a house in Milwaukee is in June when homes sell for 101.8% of the list price and go pending in 36 days.