Home sales in the four-county metro Milwaukee area were down 0.8% in July, year-over-year, and home sales in the greater eight-county southeastern Wisconsin region dipped 1.6% in July year-over-year, according to the latest market report from the
Greater Milwaukee Association of Realtors.
Here’s a breakdown of July homes sales by county, and year-over-year change:
- Walworth, 146, 24.8%
- Milwaukee, 929, 2.5%
- Waukesha, 529, 0.6%
- Sheboygan, 128, -2.3%
- Washington, 145, -7.6%
- Kenosha, 157, -11.8%
- Racine, 206, -12.7%
- Ozaukee, 107, -20.1%
Listings of homes for sale in July were up 8.3% in the four-county metro area and up 9.7% in the eight-county region, year-over-year.
That increase in listings provided a slight increase in the inventory level for the market, but it still remains a seller’s market, according to GMAR. The metro area would need an additional 4,000 units on the market to achieve a market balanced between buyers and sellers, the organization says.
The average price of a home sold in the Milwaukee area in July was $463,438, up 4.9% from a year ago.
A lack of new home construction in the area is part of the reason for the seller’s market and rising prices, GMAR says. During the first half of the year 984 homes were built in the Milwaukee area. In a normal year in the Milwaukee area there would be 3,000 to 4,000 homes built in a year, the organization said.
Area home construction during the first half of the year was down 2.9% from the first half of 2024.
