Metro New Construction Median Sale Price Per Square Foot in Milwaukee, WI: 2023 Year-End Analysis and 2024 Market Projection

Title: Metro New Construction Median Sale Price Per Square Foot in Milwaukee, WI: 2023 Year-End Analysis and 2024 Market Projection

Introduction:
As the year draws to a close, it is imperative for stakeholders in the real estate sector to reflect on the trends and patterns observed throughout the year to make informed decisions for the upcoming year. In this report, we analyze the median sale price per square foot for newly constructed houses in Milwaukee, WI, sourced from Zillow’s data spanning from January to November 2023.

Year-End Analysis:
The median sale price per square foot for newly constructed houses in Milwaukee, WI, fluctuated over the months, reflecting the dynamic nature of the real estate market. Here’s a detailed breakdown:

MonthMedian Sale Price Per SF (USD)
January$230.88
February$275.69
March$264.42
April$232.24
May$279.83
June$281.15
July$275.06
August$297.26
September$273.35
October$270.38
November$280.60

Trends and Relationships:

  1. Overall Increase: The median sale price per square foot generally increased from January to August, with some fluctuations in between.
  2. Mid-Year Peak: June recorded the highest median sale price per square foot at $281.15.
  3. Dip in September: September witnessed a noticeable decrease compared to the previous months.
  4. Recovery in November: November showed a rebound in the median sale price per square foot.

Highs and Lows:

  • Highest Price: June 2023, with $281.15 per square foot.
  • Lowest Price: April 2023, with $232.24 per square foot.

Monthly Percentage Changes:
Here’s a table showcasing the percentage change from the previous month:

MonthPercentage Change (%)
February+19.43%
March-4.09%
April-11.97%
May+20.55%
June+0.47%
July-2.19%
August+8.09%
September-8.08%
October-1.08%
November+3.79%

Annual Average:
The annual average median sale price per square foot for 2023 is $267.79.

Quarterly Averages:

  1. Q1 (Jan-Mar): $256.00
  2. Q2 (Apr-Jun): $264.87
  3. Q3 (Jul-Sep): $281.23
  4. Q4 (Oct-Nov): $275.49

Closing and Ending Figures:

  • The year closed with a median sale price per square foot of $280.60 in November.
  • The median sale price per square foot ended at $280.60 in November.

Market Analysis and Projection:

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