Mixed Signals in Milwaukee Area Real Estate: October Sales Slip, Southern Counties See Surge

MILWAUKEE, Wis (Civic Media) — Home sales in the Metro Milwaukee area fell 1.3% in October compared to the same month last year, marking the third consecutive month of year-over-year declines.

The Greater Milwaukee Association of Realtors reported that 1,525 homes were sold in October 2024, down from 1,545 in October 2023. Despite the recent dip, year-to-date sales through October were up 6.3% compared to the same period last year. Those are numbers that include Milwaukee, Waukesha, Ozaukee, and Washington Counties. Milwaukee County alone saw a 9% October-to-October reduction in home sales.  

Numbers were way up in Racine, Kenosha, and Walworth Counties, boosting the 7-county average to a 2.9% gain year-to-year.  The increases in those counties were in that order, up 20%, 17.3%, and 12.9%. 

The association projects total 2024 sales to reach around 16,500 units, on par with 2023’s figures. Those were among the lowest since the market’s recovery from the Great Recession.

The GMAR statement says high mortgage interest rates and elevated home prices have contributed to the sales slowdown. However, a lack of inventory remains to have an impact, with listings below pre-2022 levels.

Realtors warn that the ongoing supply shortage could have long-term consequences, potentially forcing would-be homeowners to remain in rental units and not be able to benefit from building home equity.