Monthly Local Market Update - May 2024
A Research Tool Provided by Metro MLS
As we move through 2024, the Milwaukee metro area continues to experience dynamic changes in its real estate market. Below, we delve into the key statistics and trends for May 2024, offering a comprehensive overview of the current market conditions.
Year-to-Date Market Metrics
The following table outlines the year-to-date performance for various market metrics, comparing data from May 2023 to May 2024:
Metric | May 2023 | May 2024 | +/- | 2023 YTD | 2024 YTD | +/- |
New Listings | 204 | 232 | +13.7% | 707 | 812 | +14.9% |
Closed Sales | 119 | 135 | +13.5% | 449 | 493 | +9.8% |
Median Sales Price* | $355,000 | $434,300 | +22.3% | $323,250 | $370,000 | +14.5% |
Percent of Original List Price Received* | 96.8% | 98.8% | +2.1% | 96.7% | 97.4% | +0.7% |
Days on Market Until Sale | 42 | 57 | +35.7% | 46 | 55 | +19.6% |
Inventory - Single Family Residence | 291 | 350 | +20.3% | -- | -- | -- |
Inventory - Townhouse/Condo | 111 | 107 | -3.6% | -- | -- | -- |
*Does not account for seller concessions.
Key Highlights
Increase in New Listings and Closed Sales
New Listings: May 2024 saw a 13.7% increase in new listings compared to May 2023. Year-to-date, new listings have risen by 14.9%, indicating a growing inventory.
Closed Sales: There was a 13.5% increase in closed sales in May 2024 compared to the previous year, with a year-to-date increase of 9.8%. This reflects continued strong demand in the market.
Significant Rise in Median Sales Price
The Median Sales Price for homes in May 2024 jumped by 22.3% to $434,300 from $355,000 in May 2023. Year-to-date, the median sales price increased by 14.5%, reaching $370,000. This substantial rise highlights the competitive nature of the market and the willingness of buyers to pay higher prices.
Percent of Original List Price Received
Sellers are receiving more of their original asking prices, with the Percent of Original List Price Received increasing to 98.8% in May 2024 from 96.8% in May 2023. Year-to-date, this metric has improved by 0.7% to 97.4%.
Increase in Days on Market
Homes are staying on the market longer, with Days on Market Until Sale increasing by 35.7% to 57 days in May 2024. The year-to-date figure has also risen by 19.6% to 55 days. This could indicate a slight cooling in the pace of sales or more buyers taking time to make purchasing decisions.
Inventory Trends
The Inventory of Single Family Residences increased by 20.3% in May 2024, suggesting more options are becoming available for buyers.
Conversely, the Inventory of Townhouses/Condos decreased slightly by 3.6%, indicating a tighter market for these property types.
Market Dynamics
The increase in new listings and closed sales, coupled with the significant rise in median sales prices, underscores a robust and competitive market. Sellers continue to benefit from high demand, with properties fetching close to their original list prices. However, the increase in days on market suggests a shift towards a more balanced market, potentially providing more opportunities for buyers to negotiate.
Conclusion
The Milwaukee metro area's real estate market remains vibrant and competitive as of May 2024. With an increasing inventory of single-family homes and strong sales performance, both buyers and sellers have ample opportunities. However, the rising median sales prices and longer days on market indicate nuanced dynamics that both parties should consider.
Stay updated with our monthly market insights to navigate this dynamic market effectively. For more detailed statistics and personalized advice, don’t hesitate to reach out to our team.
Contact Us: For any real estate needs or inquiries, contact our team at. We're here to help you navigate the Milwaukee metro area's real estate market.
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