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:

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:

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:
Based on the observed trends in 2023, it can be deduced that the market experienced growth in the first half of the year, reaching its peak in June, followed by a slight decline and subsequent recovery towards the end of the year. Overall, 2023 showcased a resilient real estate market in Milwaukee, WI, with fluctuations mirroring broader economic shifts.

Advice for Clients:
For potential buyers, the data suggests that earlier in the year, particularly from January to May, could have been favorable for purchasing new homes as prices were relatively lower. However, for sellers, the latter part of the year, especially from August to November, witnessed an upward trend in prices, indicating a potentially more lucrative market for selling properties.

Market Prediction for 2024:
Considering the steady growth observed throughout 2023, it is reasonable to predict a continuation of this trend into 2024. Economic stability, coupled with ongoing development projects and increasing demand for housing, are likely to contribute to a positive outlook for the real estate market in Milwaukee, WI, in the upcoming year. However, external factors such as interest rate fluctuations and economic policies should be closely monitored for potential impacts on market dynamics.

In conclusion, 2023 presented a mixed landscape for buyers and sellers in the Milwaukee, WI real estate market, with both opportunities and challenges. Looking ahead to 2024, cautious optimism prevails, with expectations of continued growth and stability in the market.

End of Report.