Milwaukee WI Real Estate - Milwaukee WI Homes For Sale | Zillow (2024)

FAQs

Is Milwaukee a buyers or sellers market? ›

Milwaukee County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

The Milwaukee home market had a slow month in June, as the housing shortage continues to squeeze first-time homebuyers. Milwaukee-area home sales were down 7% in June compared to the same month last year, according to the Greater Milwaukee Association of Realtors monthly market report.

The months from March to June are the best time to buy a house in Wisconsin. This is due to the higher inventory, increased competition among sellers, and potentially lower asking prices.

Real estate investing may be quite profitable, particularly in thriving cities with strong population growth like Milwaukee. Reputable for its unique neighborhoods, steady economy, and array of investment prospects, Milwaukee provides astute investors with a number of choices.

According to a December 2022 county memo, there are around 70,000 families in Milwaukee County that earn $15 per hour or less. But only about 30,000 rental homes are available for $650 a month or less — a shortage of 40,000 units. Homelessness is also on the rise across the community, according to Collins-Dyke.

The Wisconsin housing market isn't that competitive. The median home sales price in July 2024 has increased in the past 3 months to $327,400. That's up 8.6% and $25,900 higher than July 2023 of last year. That is higher than the national median home sales price of $427,962.

What is the housing market like right now? In July 2024, home prices in Wisconsin were up 8.6% compared to last year, selling for a median price. On average, the number of homes sold was up 6.6% year over year and there were 6,532 homes sold in July this year, up 6,130 homes sold in July last year.

Why move to Milwaukee Now? Milwaukee was recently named as an up-and-coming tech city by Forbes magazine. Milwaukee has become a preferred destination for social and energetic millennials.

In July 2024, the median listing home price in Milwaukee, WI was $219.9K, trending up 15.8% year-over-year. The median listing home price per square foot was $162. The median home sold price was $155.6K.

Here's how each month of the year ranked for the best time to sell a house. The highest-earning months are, in ranking order, May, June, April and March. Just over 18 million purchase transactions took place during this period, according to ATTOM.

What time of year is cheapest to buy a house? ›

Winter is traditionally the slowest season for home sales and, as a result, it's the cheapest time to buy a home. There's usually less competition between buyers and sellers may be more willing to negotiate to make a sale since buyer interest is lower than it is in the spring.

If getting the lowest price possible is your main priority, consider searching for a home in November or December. There won't be as many houses to choose from compared to the spring and summer months, but you'll face less competition and a higher likelihood of purchasing a home below the asking price.

What is the living wage in Milwaukee? A livable wage in Milwaukee is generally considered to be between $15 and $20 per hour. This is the amount of money that a worker needs to earn in order to meet their basic needs, such as housing, food, transportation, and healthcare.

The average effective property tax rate in Milwaukee County is 2.53%. That's more than double the national average, which is 0.99%. In the city of Milwaukee, the total property tax rate is 26.07 per $1,000 of assessed value.

Estimated fair market value is calculated by dividing the property's total assessed valued by the average assessment ratio. This ratio is applied to all property, including personal property, regardless of type or location of the property.

Wisconsin is a favorite market for real estate investment properties for many reasons. There are lots of varying markets that offer great potential for each type of real estate investor. Milwaukee, is the largest city in the state and fifth largest market in the Midwest.