MILWAUKEE, Wis (Civic Media) — Home sales and listings in metropolitan Milwaukee saw significant increases in April, though a lack of supply continues to put upward pressure on prices and limit opportunities for potential homebuyers. The Greater Milwaukee Association of Realtors warns in new numbers that ‘there is a significant, long-term danger if we do not create additional supply in the form of single-family and condominium units’.
Sales of existing homes in the four-county Milwaukee region were up 17.9% compared to April 2023, according to data released Wednesday. It marked the fourth consecutive month of year-over-year sales increases.
The number of homes listed for sale also jumped 17.3% from a year ago, extending a nine-month streak of year-over-year listing gains.
Despite the increases, real estate experts say the market remains tilted in favor of sellers due to a shortage of homes for sale. The lack of supply has caused prices to continue rising, with the average sale price up 3.5% in April compared to the same month last year.
“There is a considerable amount of pent-up buyer demand,” said Mike Ruzicka, president of the realtors’ association. “In fact the metropolitan market would need an additional 4,625 listings in order to achieve a balanced market.
The shortage is being felt in both the existing home market and new construction. While the pace of new home building has improved recently, it remains below the level needed to meet demand in the region, according to the data.
Real estate analysts warn that the lack of supply, especially for single-family homes and condominiums, could lead to long-term problems for prospective homebuyers struggling to find affordable properties.
Milwaukee County: 23.2% increase (715 in 2023 to 881 in 2024).
Waukesha County: 5.3% increase (340 in 2023 to 358 in 2024).
Ozaukee County: 1.2% decrease (81 in 2023 to 80 in 2024).
Washington County: 37.5% increase (104 in 2023 to 143 in 2024).
4 County Metro Area: 17.9% increase (1,240 in 2023 to 1,462 in 2024).
Racine County: 3.6% decrease (168 in 2023 to 162 in 2024).
Kenosha County: 6.9% increase (131 in 2023 to 140 in 2024).
Walworth County: 41.7% increase (96 in 2023 to 136 in 2024).
SE WI Area: 16.2% increase (1,635 in 2023 to 1,900 in 2024).
Pike Lake Annual Fun Day
9/6/2024 | Austin Brumet
The Pike Lake Volunteer Fire Department hosted their annual Fun Day, bringing in crowds of attendees in support of the department.
Lugerville Church Set to Close
9/6/2024 | Austin Brumet
Park Falls, Wis. (WCQM/WPFP) – Our Savior’s Episcopal Church in Lugerville, will be closing. They were the first established church in Lugerville when they were first founded in 1938 and moved locations several times until 1949 when the church acquired the former South Fork School. The building was then moved ten miles to Lugerville, where […]
Governor Tim Walz Discusses Rural America and the 2024 Election on The Chad Holmes Show
9/6/2024 | Teri Barr
The Democratic Vice Presidential Nominee talks about his rural roots, bipartisanship, and what he orders at Culver’s on WXCO Radio.
Wisconsin’s long-term care crisis: Staffing troubles, low Medicaid rates prompt closures
9/6/2024 | Addie Costello / Wisconsin Watch and WPR
Low state reimbursement rates through Medicaid have depressed provider revenue and worker pay at assisted living facilities.
Madison Police Chief Calls for Police Officers to Return to MMSD Schools
9/6/2024 | Savanna Tomei-Olson
MADISON, Wis. – Madison’s police chief has called for resource officers to return to the city’s schools. On Wednesday, a 14-year-old boy shot and killed four people at Apalachee High School in Winder, Georgia. Nine more were hurt. School resource officers were able to find the shooter within minutes, and he surrendered. Madison Police Chief […]
