Building Costs Per Square Foot in the City of Milwaukee (WI), USA

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Residential Construction Market Analysis in the City of Milwaukee (WI), USA

Newly Built House in Milwaukee 2215 North   Lake Drive WI53202 – 5 Bedrooms and 4 Baths   with 2 Attached Garages on Gross Floor Area   4,896 sqft – Built in 1906 – Price $995,000

Newly Renovated House in Milwaukee 2215 North
Lake Drive WI53202 – 5 Bedrooms and 4 Baths
with 2 Attached Garages on Gross Floor Area
4,896 sqft – Built in 1906 – Price $995,000

Building costs are 6% above the national average in the City of Milwaukee in Wisconsin. Get ready to learn everything you need to know about the real estate market in Milwaukee, Wisconsin. This city is known for its breweries, but despite that, it has several perfect residential neighborhoods for families.

It is a city surrounded by nature, with lakes, rivers, and trees everywhere. Even if you are in the heart of the city you will have a park nearby to visit and get in touch with nature. So we recommend that you give this city a chance. For that reason, we have prepared an article with all the information you need to learn more about its real estate market.

Milwaukee (WI) Construction Outlook

The construction outlook of Milwaukee is quite varied and diverse. In part, this is because in recent years different investors have invested more than $100 million in the city’s real estate market, making constructions of all kinds. From modern and luxury buildings to condo/co-op properties everywhere, you can find it all in Milwaukee.

It is one of the fastest-growing cities in the Midwest, so on the outskirts of the financial district, you can find residential properties that are the typical single-family homes. This means houses with 3 or 4 rooms with a garage and a small garden. These houses are a success, especially because they are just minutes from the city center but have a more relaxed lifestyle.

Manufactured homes are often avoided as there are some typical Midwest fall, spring, and winter storms that affect Milwaukee as well. For that reason, brick-and-mortar property construction is preferred.

Milwaukee (WI) Housing Market Analysis and Forecast

Milwaukee is one of the cities that is attracting a greater number of real estate investors, which means that its market has remained quite stable even during the 2020 crisis that it felt very strong in other states.

This year its growth was stable and without high or low peaks. Property values ​​have risen 5% this year, and are expected to grow 10% by October of next year. The months where high peaks can be expected with percentages that touch the 15% increase in values ​​compared to the same period of the previous year are the summer months, so if you want to sell a property in Milwaukee then that is the right time.

Properties take an average of 47 days to sell. This may seem like a long time but it is a number that has been going down year after year, and it is expected that during 2023 it will reach only 40 days. Again, during the summer months, properties sell faster, it is expected that in January 2023 it will reach an average of 50 days.

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The great strength of the real estate market in Milwaukee is that of rent. Although the properties are quite cheap compared to the values ​​of other cities in the Midwest, this city continues to be chosen by people who prefer to rent rather than buy a property. This is a good fact to take into account by investors since if they make projects designed for rent, it will be easier to obtain positive returns quickly.

Milwaukee (WI) Average House Price (Median Home Price)

The median home price in Milwaukee as of October 2022 is $195,000. This value saw its highest historical peak in July of this year when it reached $201,000. It is expected that the summer of 2023 will exceed that number, reaching at least $210,000.

In any case, you should keep in mind that the median home price is an average based on all the residential properties that are for sale. For the same reason, you as a buyer can find higher or lower values ​​depending on the neighborhood you are in, and the state of the property. Even if the property is old in Milwaukee it can be sold at a good price since there are several real estate agents waiting to buy those properties to build buildings (more on this in the next point).

We will tell you a little more about the value of the different types of properties so that it is easier for you to have an estimate of how much it may cost to buy a property, or how much you can sell yours. In the case of single-family homes, their value is $185,000, 4% more than last year. Their annual peak was in June when they cost $214,000.

In the case of townhouses, their average value as of October 2022 is $160,000, although their number is more unpredictable since you can find a great variation depending on the neighborhood of Milwaukee where you are. For example, in some neighborhoods, it reaches low numbers such as $90,000, while in others it goes up to $190,000. Being such an unpredictable value, it is always recommended to seek advice from a professional realtor.

The median condo/co-op property value is $268,000, up 28% from last year and an all-time high for the city. This is because they are the most demanded properties in all of Milwaukee, so their values ​​are usually quite high.

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Proposed Residential Building Projects in Milwaukee (WI)

Among the real estate projects in Milwaukee, those related to condo/co-op properties, townhouses and buildings stand out. This is because they are the type of properties that are in greatest demand, and real estate investors know this very well.

Currently just a few minutes from the financial district of Milwaukee there is a project to build a large building. This building is not so big due to its height (it barely exceeds 20 floors) but it is quite spacious, so it will have a large number of apartments inside. In addition, on the first floor, there will be a swimming pool for residents to enjoy. This building has a fairly robust design, mainly due to its magnitude.

In the heart of the city, there are more modern building projects, with windows that make it appear to be completely made of glass. It was made with special windows so that it does not suffer any breakage even with the storms that usually occur during the winter and the middle seasons.

Newly Built House in Milwaukee 3209 West Wells Street WI53208 – 8 Bedrooms and 8 Baths with 2.5 Attached Garages on Gross Floor Area 9,300 sqft – Built in 1891 – Price $2,200,000

Newly Renovated House in Milwaukee 3209 West Wells Street WI53208 – 8 Bedrooms and 8 Baths with 2.5 Attached Garages on Gross Floor Area 9,300 sqft – Built in 1891 – Price $2,200,000

Building Costs Per Square Foot for Single Family Homes in the City of Milwaukee (WI), USA

Building costs are 6% above the national average in the City of Milwaukee in Wisconsin.

Class 1 – Luxury Single Family Homes

The building cost per square foot for luxury private homes in Milwaukee City ranges from $365.58 per sqft to $560.42 per sqft, with the average being $431.44 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 2 – Semi Luxury Single Family Homes

The building cost per square foot for semi-luxury private homes in Milwaukee City ranges from $222.19 per sqft to $340.58 per sqft, with the average being $262.20 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 3 – Best Standard Single Family Homes

The building cost per square foot for best-standard private homes in Milwaukee City ranges from $143.63 per sqft to $218.16 per sqft, with the average being $168.16 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

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Class 4 – Good Standard Single Family Homes

The building cost per square foot for good-standard private homes in Milwaukee City ranges from $104.82 per sqft to $160.75 per sqft, with the average being $123.71 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 5 – Average Standard Single Family Homes

The building cost per square foot for average-standard private homes in Milwaukee City ranges from $85.09 per sqft to $130.31 per sqft, with the average being $100.33 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 6 – Minimum Standard Single Family Homes

The building cost per square foot for minimum-standard private homes in Milwaukee City ranges from $67.11 per sqft to $102.86 per sqft, with the average being $79.16 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

 


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