Milwaukee has gained attention for its housing market, witnessing a dramatic 20% increase in median sale prices year-over-year, primarily due to a shortage of housing availability. This trend mirrors movements in other Midwestern cities like Detroit and Cleveland, drawing new residents with their affordability and welcoming nature. Milwaukee’s median home price sits at $330,000, still lower than the national average. In contrast, major cities face a market slowdown, with some homes lingering unsold as bidding wars ignite for others.
Some homes are attracting bidding wars like it's 2020 again, while others are sitting on the market for weeks with no action.
Milwaukee clocked in a whopping 20% year-over-year median sale price growth in February, highlighting a surge in buyer demand conflicting with limited housing supply.
The median home price in Milwaukee reached $330,000 in February, making it still more affordable than the national average of $425,421.
The broader housing market appears to be cooling somewhat, with homes selling at the slowest pace in five years.
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