The housing market continues to rally. In October, the carefully followed S&P CoreLogic Case-Shiller U.S. National Home Price Index rose 3.6% year over year. The increase was largely driven by a low supply of houses on the market.
24/7 Wall St. Key Points:
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A recent analysis reveals that Milwaukee is now the best city in America in which to sell a house.
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A low supply of homes for sale nationwide is driving the strong U.S. housing market.
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Another new study shows that home prices continue to be strong. However, some markets are doing much better than others, based on price and the number of days a home is on the market. Realtor.com reports that the median price of a home on the market nationwide was $405,502 in December. The price per square foot was up 1.3% compared to December 2023.
A primary sign of demand is how long a home for sale stays on the market. Realtor.com’s figure nationwide for December was 70 days.
In some markets, the demand is brisk enough that the days on market is much lower than the national figure. Among the 50 largest cities by population, the one with the lowest number is Milwaukee at 45 days. The median listing price in Milwaukee is up 6.6%, which is a substantially better rate than the national figure. Milwaukee, based on these yardsticks, is the best city in America in which to sell a house.
Milwaukee has another diction compared to the other cities on Realtor.com’s list. The median value of a home on the market is $357,450. It is a pattern Milwaukee shares with other old industrial cities in the northern tier of states. The median value number for Detroit is $249,900. In Cleveland, it is $339,950. In Buffalo, the number is $249,950.
One theory about why prices are rising in these northern cities is indeed their relatively low home prices. While this “affordable living” argument may be true, there is no solid support for it.
Whatever the reason, people who have homes for sale in Milwaukee are in a place with unusually brisk demand.
This Is How Much You Need to Make to Comfortably Afford a $1 Million Home
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