Home sales in the four county metro Milwaukee area were up 4.8% in July, year-over-year, to 1,723, according to the latest report from the
Greater Milwaukee Association of Realtors.
For the broader seven-county southeastern Wisconsin area, home sales were up 4.7% in July from a year ago.
For the first seven months of the year, home sales in the metro Milwaukee area were up 5.7%.
However, home sales in the metro area for the first seven months of the year are down 19.9% from the same time period in 2022.
Here’s a breakdown of July 2024 home sales by county and the change from a year ago:
- 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 sale price for a home sold in the metro Milwaukee area was up 10.9% in July to $443,673.
“The market simply does not have enough homes to meet demand, resulting in prices being pushed up as buyers bid up prices,” the GMAR report states.
Listings of homes for sale in the metro Milwaukee area rose 4.6% in July, compared to a year ago, led by a 42.9% increase in Washington County.
The local housing market continues to favor sellers, GMAR says. The inventory of homes on the market in July was only enough to satisfy 2.9 months of buyer demand. A balanced market is when there is enough supply on the market for 6 months of buyer demand.
