These are the hottest communities around Milwaukee, according to home sale data...

 

Milwaukee's residential real estate market mania has subsided — at least a bit.

September home sales were down last month compared to the year prior. And so far, 2024 — like 2023 — has been a slow year for the housing market, according to the latest market report by the Greater Milwaukee Association of Realtors (GMAR), as buyers face limited inventory, high interest rates and high prices.

Still, some communities around the Milwaukee area are heating up, according to a GMAR analysis of 2024 sales.

Here's a look at the metro's four "hottest communities":

WAUWATOSA HOMES ARE SELLING FAST

Wauwatosa homebuyers still have to act fast. Homes in the city are selling after an average of just 11 days on the market, according to data from the Metro MLS. That's keeping pace with the market in 2023, when Wauwatosa homes sold after an average of 12 days. 

Average home prices in Wauwatosa hit $422,217 last quarter, up from $406,869 a year earlier. By the end of the third quarter, a total of 452 homes had sold in 'Tosa, according to the Metro MLS.

GREENDALE IS HEATING UP

The average home in Greendale sold for $374,333 this year, an 8% increase in prices year over year. 

A total of 100 homes sold in Greendale through the third quarter of 2024. Those homes sat on the market for an average of 11 days.

PRICES ARE RISING IN GRAFTON

Between Jan. 1 and Sept. 30, a total of 197 homes sold in Grafton. 

Average home prices in Grafton are up 10% since last year — $478,284, compared to $435,595.

WASHINGTON COUNTY'S VILLAGE OF JACKSON SAW BIG SURGE IN SALES

The Village of Jackson — a community of about 7,000 people, about 20 miles south of West Bend — saw a big surge in home sales this year. Total sales in Jackson are up 78% year over year, according to data from the metro MLS -- 155 homes sold, compared to just 87 this time last year.

The average home in Jackson sold for $401,657 this year, compared to $374,762 the same time last year.

Jackson has been on a building spree in the past few years. Since 2020, the village issued permits for 198 new houses, according to data from the Wisconsin Department of Safety and Professional Services.

The Oaks of Jackson, a new 20-acre housing development which broke ground in May 2023, is selling homes starting at $380,000. The subdivision was built in collaboration with the village and was supported by Washington County's Next Generation Housing initiative.