Home sales in the four-county Milwaukee metropolitan area rose 4.8% year-over-year to 1,723 in July, according to the latest report from the Greater Milwaukee Association of Real Estate Agents. In the larger seven-county southeastern Wisconsin area, home sales increased 4.7% in July compared to last year. For the first seven months of the year, home sales in the Milwaukee metropolitan area increased 5.7%. However, home sales in the metropolitan area are down 19.9% for the first seven months of the year compared to the same period in 2022. Here’s a breakdown of July 2024 home sales by county and the change from last year:
- Ozaukee, 134, +26.4%
- Kenosha, 178, +13.4%
- Waukesha, 526, +8%
- Racine, 236, +3.5%
- Milwaukee, 906, +1.5%
- Washington, 157, -0.6%
- Walworth, 117, -5.6%
The average sales price for a home in the Milwaukee area rose 10.9% in July to $443,673. “The market simply does not have enough homes to meet demand, causing prices to rise as buyers drive up prices,” the GMAR report said. The number of homes for sale in the Milwaukee area rose 4.6% in July compared to a year ago, led by a 42.9% increase in Washington County. The local real estate market continues to favor sellers, GMAR said. The inventory of homes on the market in July was only enough to meet 2.9 months of buyer demand. A balanced market is when there is enough supply in the market for 6 months of buyer demand.
