2025 Milwaukee area real estate market off to competitive start

 

MILWAUKEE COUNTY, Wis. (CBS 58) -- The real estate market has seen its full first month of 2025 and industry experts say right now, the housing market is looking promising.

The spring market for real estate is preparing for a kickstart.

 "Inventory is up but every day that inventory is up, so is buyer demand...so we're moving and revving into that spring cycle for sure," said Jonathan Newby, realtor with Falk Ruvin Gallagher. Newby says the market is competitive, especially under the half million-dollar price point.

"We're seeing multiple offers. We're seeing waived contingencies and we're seeing aggressive price points for sure, where people are coming in over asking price," he said. These are all indicators of a strong spring real estate market, Newby says. For buyers in the higher price points, the market is seeing more balance.

"It's a little less competitive. It's a little more balanced and normal. So, if buyers are in that price point, they can usually buy a house without having to be as aggressive," Newby said. Newby says right now, some of the most competitive markets in our area are Wauwatosa, Whitefish Bay, and Shorewood.

As for the rental market, not much has changed. Affordability is still a key factor.

"As we've seen a lot of luxury buildings being built across the city, that's above the threshold where people are supposed to be, which is like 30 percent of gross income," Newby said.

The rental market will likely remain the same until we see an increase in more affordable housing. Newby encourages folks considering going  homeownership route to make a plan and find an experienced professional to help you shop.

"It really just takes the right counsel, so you know how to equip yourself to make the right purchase," he said.