Metro Milwaukee August home sales down 3%

Home sales in the four-county metro Milwaukee area and the greater seven-county southeastern Wisconsin region were down 3% in August, year-over-year, according to the latest report from the Greater Milwaukee Association of Realtors.

For the four-county metro area, the August home sale total of 1,697 was the lowest total for August since the area had 1,619 home sales in August of 2012, according to GMAR.

GMAR predicts that the total number of homes sold in the metro Milwaukee area this year will be about 16,900, down significantly from 2016-22 when the market had more than 20,000 home sales per year.

Listings of homes for sale in the metro area were down 2.3% during August compared to a year ago.

The average sale price of a home in the metro area was $424,731 in August, up 9% compared to $389,772 in August of 2023, according to GMAR.

“Demand for homes continues to outpace supply,” GMAR said in its report. “We can tell demand is strong from the increase in average sales price in the market. The market simply does not have enough homes to meet demand, resulting in prices being pushed up as buyers bid up prices.”