Home sales in the four-county metro Milwaukee area were up 7.1% in January, compared to a year ago, and in the greater seven-county southeastern Wisconsin region home sales were up 5.6% compared to January of 2024, according to the latest market report from the Greater Milwaukee Association of Realtors. There were 908 homes sold in
Already a subscriber? Log in
To continue reading this article ...
Subscribe to BizTimes today and get immediate access to our Insider-only content and much more.Learn More and Subscribe Now
Home sales in the four-county metro Milwaukee area were up 7.1% in January, compared to a year ago, and in the greater seven-county southeastern Wisconsin region home sales were up 5.6% compared to January of 2024, according to the latest market report from the Greater Milwaukee Association of Realtors.
There were 908 homes sold in the four-county metro area in January. Home sales were up 14.5% in Waukesha County, up 34.7% in Ozaukee County and up 25% in Washington County. Sales in Milwaukee County dipped 0.4%.
“While not in the 1,000 sales range the market saw from 2018 to 2022, 900 sales, in January, is a great way to start the year,” the GMAR report says.
Homes listed for sale in the region were up about 11% compared to a year ago. However, the number of homes listed for sale still is not enough to meet demand, GMAR says.
The number of homes listed for sale declined in 2022 when the Federal Reserve increased interest rates to fight inflation.
Listings of homes for sale in the area have increased, year-over-year, in eight of the last 13 months, GMAR says.
“That is coming off the worst period of listings the market has seen this century,” the GMAR report states. “So, we really have to wait and see what the next several months bring.”
GMAR also says that new home construction in the area has not been adequate to meet demand. There were 2,151 permits for new home construction in the four-county metro area in 2024. GMAR says the market needs 4,000 new homes annually.
Demand from buyers in the market remains strong, GMAR says. That combined with the lack of adequate supply has resulted in price increases. The average home sale price in the four-county metro area was $373,911 in January, up 14% from a year ago.
“As we have been highlighting for several years, realtors have had an exceedingly challenging time helping home buyers find ownership opportunities in the form of condos and single family homes,” the GMAR report says.