Milwaukee's housing market sees 20% price increase

Milwaukee, Wisconsin is experiencing a booming housing market as more people move to the city. Known for its beer and Harley-Davidson motorcycles, Milwaukee is seeing high demand for homes. This demand is causing fierce competition and rising prices. In February, Milwaukee's median home price increased by 20% from the previous year, reaching $330,000. This makes it more affordable than the national median, which is $425,421. Other Midwestern cities like Detroit and Cleveland are also seeing rapid growth in home prices, ranking among the fastest-growing markets in the U.S. However, these cities face a significant shortage of homes for sale. Listings in Milwaukee, Detroit, and Cleveland have dropped year-over-year, leading to a gap between what buyers want and what sellers can offer. In contrast, the overall U.S. housing market saw only a 3.2% increase in prices, and homes are selling at the slowest pace in five years. Real estate agents report mixed experiences in the market. Some homes are attracting bidding wars, while others sit unsold for weeks. Meanwhile, cities like Austin and Tampa are experiencing falling home prices due to increased housing supply. Renting in Milwaukee is also becoming competitive, with high demand for rental properties. Despite the Midwest's relative affordability, the lack of available homes is a significant issue.