Report: The city where the housing market is still booming
Buyers are also bidding over the selling price for a typical home in the city. That is a starkly different picture than in the rest of the country, where 33 out of the 50 largest metro areas are seeing price cuts .
Sellers are also lowering prices or pulling their homes off the market , spooked by high mortgage rates and mounting insurance premiums. Of the 10 metros where housing markets are holding up best, six are in the Rust Belt.
The once-affluent steel manufacturing region suffered decades of decline as factories moved out. However, it is now seeing less out-migration with more individuals and families choosing to stay and make their homes in the city. Part of the reason Milwaukee is faring better than other major cities is that its housing prices are below the national average.
Buyers are increasingly drawn to more affordable areas, especially considering the price of US homes has surged 50 percent since the pandemic. 'Is our market white hot? No. But is it red hot? Yes,' Redfin agent W.J. Eulberg said of Milwaukee. 'Unlike much of the country, Milwaukee is not a buyer's market,' he explained.
'While homes no longer get 15 offers and sell for $80,000 over the asking price like they did during the pandemic, they still get snapped up quickly because we continue to face an inventory shortage.' Eulberg said he recently listed a home for sale in South Milwaukee that had an offer made within three hours of hitting the market.
The property sold for around $50,000 more than its $256,000 list price because it was fairly priced, in good shape and in a decent location, he said. The city's proximity to Chicago is a selling point for many buyers, he added. Milwaukee is seeing a shortage of homes for sale due to a variety of factors.
Many homeowners are hesitant to put their houses on the market because they do not want to lose the ultra-low mortgage rate they scored during the pandemic, which is a trend that rings true across the US. The Midwest and Northeast have also been building fewer homes than the South and West, which are now seeing home prices fall in some areas amid a huge pileup of inventory and dwindling demand .
There is also not much room left to build in Milwaukee proper, Eulberg said, and many of the homes that have been built in the area recently are not priced for the typical first-time buyer. Chicago, just a two hour drive from Milwaukee, is the second best housing market in the country, according to Redfin. The Windy City is seeing a drop in inventory and an uptick in speed of sales, which are signs of a resilient market. Rounding out the top 10 list are Philadelphia, Minneapolis, New York, Cincinnati, Detroit, Newark, NJ, Pittsburgh, and Virginia Beach, VA.
By contrast all of the fastest-cooling metros are in the Sun Belt. Las Vegas' market is cooling the fastest with home sales down 10.2 percent compared to the same time last year. Inventory is also up a staggering 44.8 percent year-over-year. 'Buyers have more inventory to choose from than they've had in years, so they feel like they can take their time,' Las Vegas realtor Cherra Bergman said. Even when they find a home they really like, they often wait to find something better. 'House hunters are cost-conscious because mortgage rates are high, so many are opting for new-construction homes since builders here are offering great incentives like mortgage-rate buydowns and money toward closing costs in order to offload inventory.'
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