Highlights
- Sales Up in October for the Second Month in a Row, Up 1.6% for the Year
- Listings Up 2.9% for the Month, Up 4.3% for the Year
- Metro Prices Up 9.7%, Averaging Sale Price is $437,278
Market Summary
Metropolitan Milwaukee home sales for October were up 1.4% compared to October 2024 Year-to-date sales were up 1.6% despite only four months of 2025 in positive territory. Year-to-date sales in the four-county area were 14,368 this year. Sales have been slowly growing over the last three years, increasing from 13,747 in 2023, to 14,145 in 2024.
However, sales for the same period in 2022 – the year interest rates went from the 3%-4% range to 6%-7% – were 17,300 units. That is 16.9% ahead of where we are today.
An important measure of today’s market, inventory, has been inching up at a healthy level this year, rising 2.9% in October and 4.3% year-to-date.
When we subtract homes that already have an offer on them from current inventory, the level drops substantially. In October, it dropped to 1.7 months.
Therefore, while we have seen a slight increase in new listings, buyers are quickly absorbing them. Overall inventory is growing, but since offers are being made on the majority of these homes, the supply of unsold properties has dropped to just 1.7 months.
The Metropolitan Milwaukee area needed an additional 3,730 units in October to reach anything that could be considered a balanced market (six months of supply). Reaching that 6-month threshold is important because it provides a wider selection for buyers to choose from, moderates price inflation and offers more time for buyers to decide on a home.
The absorption of available units is continuing to push prices up. In October, average prices rose 9.7% from October ’24 to an average price of $437,278.
The demand side of the equation is a circumstance of generational pressures as Millennial and Gen Z first-time buyers compete with Baby Boomer Empty Nesters in the market at the same time.
As we have been highlighting for several years – REALTORS® have had an exceedingly tough time helping home buyers find ownership opportunities in the form of condominiums and single family houses.
There is a significant, long term danger if we do not create additional supply in the form of single family and condominium units. Thousands of would-be homeowners will be forced into rental units, unable to save for a down payment and foregoing the opportunity to build wealth through a home’s equity – as well as all of the other benefits of homeownership.
This will result in problems decades down the road when families do not have enough home equity to tap into for college expenses, to remodel their home, or for emergencies.
Where to go
Buyers should seek the counsel of a REALTOR® in determining their best housing options, and
sellers need a REALTORS® expert advice in making correct marketing decisions for their home.
The Greater Milwaukee Association of REALTORS® is a 5,500-member strong professional
organization dedicated to providing information, services, and products to help REALTORS®
help their clients buy and sell real estate. Data for this report was collected by Metro MLS,
Inc., a wholly owned subsidiary of GMAR.
Seasonally adjusted inventory tells us how many months it would take to sell the
existing homes on the market. The seasonally adjusted inventory level for October was
3.4 months. Subtracting listings that have an “active offer” from those available for
sale (about 80% of listings with an offer sell) yields 3,775 listings, which equals 1.7
months of inventory.
With 4,768 current listings providing 3.4 months of inventory, the market would need an
additional 3,730 units to push inventory to six months. Six months of inventory is
considered a “balanced” market. If inventory falls below six months, the market favors
sellers, and when inventory exceeds six months, it is a buyer’s market.
