Milwaukee Real Estate Report, Feb 2024: Market Shows Promising Growth

The Milwaukee real estate landscape is showing promising signs of growth, with a trend of increasing property values and sold prices over the course of the past year. From February 2023 to January 2024, there has been a noteworthy escalation in both the average value and average sold price of properties. Starting at an average value of $180,000 in February 2023, the market climbed to an estimated value of $139,000 by January 2024, demonstrating resilience despite varied economic challenges.

The average sold price per square foot is a critical indicator of how much buyers are willing to pay for real estate in the city, and this metric has also followed an upward trajectory, rising from $129 in February 2023 to nearly $132 in January 2024. Interestingly, while the value and price seem to be on an ascent, the number of properties sold fluctuated slightly, from 4,247 sales recorded in February 2023 to 5,008 in January 2024. It suggests not only a growth in property valuation but also an active market with considerable transaction volumes.

Comparisons with Nearby Cities

Milwaukee’s housing market contrasts sharply with neighboring cities, particularly in affluent areas such as Elm Grove and Brookfield. These cities have consistently registered higher average sold prices.

• Elm Grove’s average sold price in January 2024 stood at a staggering $567,000, with an impressive average sold price per square foot of $246. This figure more than quadruples the average sold price per square foot in Milwaukee, signaling a markedly different market makeup, possibly catering to a more luxurious segment.
• Elm Grove experienced a spike in market activity with average property values reaching as high as $2,499,000 in November 2023, hinting at the presence of high-end real estate transactions within a small but active market. Butler is another nearby area where the average sold price stood at $287,000 in January 2024 – still surpassing Milwaukee’s average, reflecting a gradient of property values as one moves across different parts of the region.

Drilling down into Milwaukee’s market specifics, the median house sale values paints a picture of moderate growth over a short-term horizon. With a avg transaction value at approximately $156,000 over the last six months, compared to the 12-month median at about $154,000, property values have witnessed a slight but steady hike.

The city’s median value per square foot, an essential metric for investors and homebuyers, was reported at about $126, higher than Milwaukee’s specific median of $120 per square foot in January 2024. This indicates more robust valuations in specific areas of the market. In analyzing distressed properties – such as foreclosures, auctions, and bank-owned homes – a clear trend emerges where these properties are consistently sold below market median values, with foreclosures at $113,000, auctions at $133,000, and bank-owned properties at the bottom with a median of around $96,000, underscoring the deeply discounted prices these properties are fetching.

Zip Code-Level Analysis for Milwaukee

Looking closer, real estate values vary substantially across different zip codes in Milwaukee. The contrasts are striking, with median list prices ranging from as low as $81,000 in the 53206 area to an upper echelon figure of $680,000 in 53211. This discrepancy extends to sales prices and value per square foot metrics as well. Take, for example, zip code 53217 where the median sales price is $465,000 and the value per square foot stands at $270, dwarfing the city’s average metrics and illustrating the diversity in housing stock and desirability between neighborhoods.

Milwaukee’s real estate market paints a complex picture with an unmistakable gradient of value from the city center to its suburbs and neighboring cities. The data emphasizes the city’s economic growth trajectory, the discrepancies in market dynamics within the region, and highlights pockets of luxury that stand apart from the general market. For homebuyers and investors, these trends not only inform potential investment areas but also shed light on the diverse real estate opportunities Milwaukee has to offer.