September home sales in Milwaukee were up 7.3% compared to last year, the Greater Milwaukee Association of Realtors reports.
Year-to-date home sales were also up in September by 1.6%. Prices also rose significantly this September compared to last year, growing by 10.7% to an average of $446,397.
And while total home inventory in September hit 3.4 months, the highest since 2019, that doesn’t count homes on the market that already have offers on them. When offers are counted, inventory dropped to 1.8 months, lower than the desired 6-month supply.
“Reaching 6-month territory 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 report notes.
The current high demand for homes comes from generational pressures as Gen-Z and millennials compete with baby boomer empty nesters in the market at the same time, the report adds.
“There is a significant, long-term danger if we do not create additional supply in the form of single-family and condominium units,” the report continues. “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.”See the release here.
