The average price of a home in Wisconsin is $324,000. That's 8% higher than a year ago. That data was just releasedby the Wisconsin Realtors Association in its August 2024 Real Estate Report.
The report shows that there have been big changes in median home prices in southeastern Wisconsin, up 19% in Racine County and 16% in Sheboygan County.
"We were hopeful that we'd be able to get into something a lot sooner than we have been able to," said Andy Sirianni. He and his wife have been house-shopping for several months.
"I saw one house that I looked at Friday afternoon," he recalled. "I talked to the realtor on Saturday morning, and he said — they already have 6 offers. It's gonna go for way more."
Watch: Frustration over the cost of housing has Milwaukee rethinking the zoning code
Deja Junior, a Milwaukee real estate agent, says making an offer on a home is like playing a game of Battleship. "I have had times where we've had to put in several offers because we keep getting beat out, and that does take a toll," she added. Even though mortgage rates have improved slightly over the last 12 months she says price increases are forcing some buyers to stop searching.
It's why Junior connects her clients to resources that can make home-buying more affordable, like Milwaukee's down payment assistance program, or special loans "FHA loans are 3.5% down in comparison to a conventional loan that's 5% down," she explained. "And that is a large difference."
Leaders inside city hall call housing affordability a priority
"We've seen recent research from the Wisconsin Policy Forum and Marquette University that shows housing construction has slowed over the past few years and has not kept up with demand," said Sam Leichtling, the city planning director. "We know that's having an impact on prices. One of the strategies we're working on is the 'Growing MKE' plan."
'Growing MKE'is pushing for policy updates and changes to the city's zoning code to encourage housing growth.
"Some of the housing styles that exist in many Milwaukee neighborhoods like duplexes or rear homes, while those were permitted throughout much of the city's history, there were changes to code over time that made those either more difficult or prohibitive to develop," explained Leichtling.
"I'm not saying that you're going to suddenly start seeing high rises pop up in neighborhoods that have traditionally been single-family or duplex, but more so just allowing within some of our residential neighborhoods that small gradual density. And then also focusing on our multifamily and commercial corridors to allow for that mixed-use transit-oriented development."
That type of development is already allowed, but Leichtling says additional tweaks to the zoning code could encourage more projects like the re-design of the MLK library, which will include nearly 100 affordable housing units.
As Milwaukee grapples with growth, homebuyers like Andy try to remain optimistic. "You kind of have to chalk it up to fate or karma or whatever it is that we're gonna find the right one at the right moment. That's gonna be the right place for us," he said with a hopeful smile.
The 'Growing MKE' is in the community engagement phase and seeking feedback. Click here to read the plan and learn how to share your opinion.
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