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Milwaukee Home Prices Surge as Buyers Compete for Scarce Listings
17 Nov
Summary
- Home prices in Milwaukee area up 9.7% year-over-year
- Inventory remains low, favoring sellers despite 4.3% increase
- First-time buyers struggle to compete with wealthier buyers
According to a report from the Greater Milwaukee Association of Realtors, home prices in the Milwaukee metropolitan area rose 9.7% in October 2025 compared to the same month a year earlier. The average home sold for $437,000, a slight slowdown from the 10.7% increase seen in September.
While home sales in the four-county region were up 1.6% year-over-year, the market remains well below the peak levels of 2022 when interest rates were around 3%. Mortgage rates currently hover around 6.2%, causing many would-be buyers to stay on the sidelines.
The housing inventory has ticked up 4.3% year-to-date, sitting at 3.4 months in October. However, demand remains high, and homes are selling quickly, with just 1.7 months of inventory for homes without offers. The market still heavily favors sellers.
The shortage in new housing supply continues to be a challenge, with the Milwaukee area needing an additional 3,730 listings in October to reach a balanced market. This supply crunch is squeezing first-time Millennial and Gen Z homebuyers, who must compete with wealthier, more experienced Baby Boomers for the limited number of homes available.
