This Midwestern City Was Just Named the 'Most Resilient' Housing Market in the U.S.

"Real estate company Redfin just released a report on the best-performing housing markets, and many are located in the Midwest and Northeast. However, the biggest winner is Milwaukee, Wisconsin, which, the company noted, "is holding up better than any other major U.S. housing market." Redfin found that home sales in Milwaukee increased by 12 percent over the last year, while home prices rose by 8.2 percent, leading to multiple offers and many homes selling for above-list prices."

""Many homeowners are hesitant to put their houses on the market because they don't want to lose the ultra-low mortgage rate they scored during the pandemic-a trend that rings true across the country," Redfin stated in its report. Chicago has the second most resilient housing market at the moment. Over half of available homes in the Windy City, or 51.8 percent, went under contract within two weeks of listing, with 7.7 percent more homes sold compared to last year."

High home costs and economic uncertainty have slowed much of the U.S. real estate market, but several Midwest and Northeast metros remain resilient. Milwaukee leads major metros with a 12 percent increase in home sales and an 8.2 percent rise in prices, producing multiple offers and above-list transactions. Redfin ranked 50 populous metropolitan areas using homes sold, median sale price per square foot, median days on market, and inventory. Many homeowners nationwide remain reluctant to list because they hold ultra-low pandemic-era mortgage rates. Chicago and Philadelphia round out the top three, and several other Midwestern cities appear in the top ten. Prices in the top ten rose about 5.9 percent on average, often remaining below the national median.

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