T
he Greater Milwaukee Association of Realtors (GMAR) has released housing statistics for May 2024, revealing a high demand for homes in the Milwaukee area despite a low supply. According to GMAR President Mike Ruzicka, this creates a great market for sellers as houses are selling quickly and at top dollar.

    Home sales in the metropolitan Milwaukee market have remained relatively unchanged since last year, with interest rates predicted to remain between 6% and 7%. This means that buyers need to be prepared when house hunting, often needing to act quickly on a property they like due to multiple offers.

    Ruzicka notes that most houses typically receive one or two offers within three to four days. The current market is characterized as tight, with only about one month of inventory available. This imbalance favors sellers, who can expect to sell their homes for top dollar without significant negotiation from buyers.

    Emeritus Professor David Clark at Marquette University and a consultant for the Wisconsin Realtors Association expects supply to increase as baby boomers downsize, potentially leading to more properties entering the market. However, he also suggests that potential homebuyers may want to consider purchasing during the off-peak season (January through February) to receive a lower price.

    Clark believes that while excess demand for housing will continue, the market is slowly moving towards balance. Ruzicka reiterates that interest rates are unlikely to return to their pre-pandemic levels of 3% or 4%, and buyers should be prepared to act quickly when finding a suitable property.