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ilwaukee‑area home sales and prices climbed again in October, marking the second consecutive month of growth, the Greater Milwaukee Association of Realtors (GMAR) reported. Prices in the four‑county metro—Milwaukee, Waukesha, Ozaukee, and Washington—rose 9.7 % from a year earlier, a slight dip from September’s 10.7 % jump. The average sale price hit $437,000. Total transactions reached 1,547, up 1.6 % from October 2024, while listings edged up nearly 3 % year‑over‑year.

    Year‑to‑date sales now exceed 2023 and 2024 totals but still trail 2022 levels, when mortgage rates climbed from roughly 3 % to over 6 %. The current 30‑year fixed rate sits near 6.2 %, discouraging many prospective buyers, GMAR President Mike Ruzicka said. He predicts rates will stay between 5 % and 6 % through the decade’s end, noting that the 6 % range is now “normal” after the post‑Great Recession 3‑4 % cuts. Ruzicka expects sales to rebound toward 2022 figures as the market adjusts.

    Inventory has risen 4.3 % year‑to‑date, standing at 3.4 months of supply in October. Yet demand remains fierce, shortening the time homes stay on the market. Homes without offers averaged 1.7 months of inventory. Although winter typically slows activity, Ruzicka believes demand will hold steady, with buyers remaining active through the season.

    The supply gap persists: the area needed an additional 3,730 listings in October to reach the six‑month inventory benchmark that balances buyers and sellers. The market remains seller‑favorable. Achieving that threshold would broaden choices, temper price inflation, and give buyers more decision time. Low inventory pressures first‑time buyers—particularly Millennials and Gen Z—who now represent only 21 % of U.S. home purchasers, down from a historical 40 %. The median age of new buyers is 40, reflecting the challenge of competing with wealthier, more experienced Baby Boomers for limited homes.