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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Milwaukee is a seller's market

Buyer's
Market

Difference Since November 2022

Since last year, Milwaukee has remained a Seller's Market.

Key Takeaway

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

Housing Prices in Milwaukee, WI

How much do homes in Milwaukee, WI cost?

Median Sold Price

$230,014

$169/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2022

+$5,112(+2.3%)

Key Takeaway

Homes in Milwaukee have sold for 2.3% more than they did a year ago.

Summary: The median home sold price in Milwaukee was $230,014 in November 2023, up 2.3% from last year, and the median price per square foot was $169.

Median Sold Price By Bedroom Count

# BEDSNov 2022Nov 2023CHANGE
1 $173.5K$169.8K
-2.1%
2 $178.8K$185K
+3.5%
3 $229.4K$238K
+3.7%
4 $260K$262.7K
+1.0%
5+ $354.5K$285K
-19.6%

Summary: Milwaukee housing prices by bedroom type for November 2023 compared to the previous year: The home price of 1 bedroom homes decreased by 2.1%, 2 bedroom homes increased by 3.5%, 3 bedroom homes increased by 3.7%, 4 bedroom homes increased by 1%, and 5+ bedroom homes decreased by 19.6%.

Median Sold Price Compared To Nearby Cities

West Milwaukee
+25.4%
Shorewood
+18.6%
West Allis
+11.9%
Wauwatosa
+10.0%
Milwaukee
+2.3%

Housing Supply in Milwaukee, WI

How many homes are available in Milwaukee, WI?

Number of Homes For Sale

Oct 2023Nov 2023CHANGE
2,0581,970-4.3%

Summary: The Milwaukee real estate market had 1,970 homes for sale in November 2023, a 4.3% decrease compared to October 2023.

Homes For Sale By Bedroom Count

# BEDSOct 2023Nov 2023CHANGE
1 6968
-1.4%
2 429369
-14.0%
3 994935
-5.9%
4 446478
+7.2%
5+ 120120
0.0%

Summary: The Milwaukee housing inventory by bedroom type for November 2023 compared to the previous month: The inventory of 1 bedroom homes decreased by 1.4%, 2 bedroom homes decreased by 14%, 3 bedroom homes decreased by 5.9%, 4 bedroom homes increased by 7.2%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Oct 2023Nov 2023CHANGE
633481-24.0%

Asking Price vs. Sold Price

202 Homes Were Sold
Under Asking

71 Homes Were Sold
At Asking

208 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Milwaukee, you could pay more than the asking price. 43.2% of homes here sold above asking price last month.

Summary: A total of 481 homes were sold or pending in Milwaukee in November 2023, down by 24.0% month-over-month. Of the 481 sold homes, 42% were sold under asking, 15% were sold at asking, and 43% were sold over asking.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 3 Days Ago

Newest Listings in Milwaukee, WI

Nearby Markets to Milwaukee, WI

What housing markets are near Milwaukee, WI?