Milwaukee Property Market 2025: Unanticipated Developments and Projections for Investors to Understand
The city of Milwaukee has released updates on its planning, offering valuable insights into the current state of its real estate market. Here's a comprehensive overview of the key trends shaping the market.
Office Market Stabilization
Good news for office space seekers! The office market in Milwaukee is showing signs of stabilization, with gains in both the downtown and suburban offices. This development suggests a more balanced market, which could lead to better opportunities for businesses and employees.
Housing Market Trends
The housing market in Milwaukee is proving to be a dynamic and promising sector. According to data from Zillow and Redfin, the average home value in Milwaukee is approximately $219,588 as of August 2025, with a median sale price of around $221,667 in July 2025. Despite strong price gains, homes in Milwaukee remain relatively affordable, with a median price hovering around $220,000.
Apartment Market Tightness
The apartment market in Milwaukee is extremely tight, with an approximate 95.9% occupancy rate as of Q4 2024. This high demand for rental properties indicates a strong and growing population in the city.
Home Sales and Prices
Home sales in Milwaukee are up approximately 12% year-over-year, and prices have increased about +8.2%. This growth is a testament to the city's attractiveness to home buyers and investors.
Major Investors in Milwaukee
Major investor groups responsible for residential and industrial development in recent years include local real estate firms like Mandel Group and Ziemba Group, as well as national investors such as Northwater Capital and Harbor Group International. These groups have played a significant role in shaping the city's real estate landscape.
Industrial/Warehouse Sector
The industrial/warehouse sector is the hottest in Milwaukee, with vacancy remaining extremely low at around 4.4% overall. This sector's strength is a reflection of the city's growing economy and its strategic location.
Retail Sector Challenges
The retail sector in Milwaukee remains relatively weak, with vacancy up to ~7.4% in Q1 2025. Despite this challenge, regional builders and developers continue to provide data related to construction and development in the Milwaukee area, offering hope for future improvements.
Milwaukee's Housing Market Strength
Despite the challenges in the retail sector, Milwaukee's housing market has ranked No. 1 among major U.S. metros for strength in mid-2025. This recognition underscores the city's appeal to home buyers and investors.
New Multifamily Supply and Rent Trends
New multifamily supply in Milwaukee is slowing sharply, with apartment completions dropping from 3,066 units in 2024 to approximately 1,566 in 2025 (-50%). Average rents in Milwaukee's apartment market are forecast to rise approximately 3% in 2025, peaking at around 3.2% in Q3 and then decreasing to 2.9% year-end.
Economic Analysis and Reports
Economic analysis from respected sources like Wisconsin Public Radio, CoStar, Urban Milwaukee, BizTimes, Milwaukee-area REALTORS®, Cushman & Wakefield, and regional builders and developers have been conducted on the Milwaukee real estate market, providing a comprehensive understanding of its current state and future prospects.
In conclusion, the Milwaukee real estate market is a vibrant and dynamic scene, with various sectors presenting unique opportunities and challenges. Whether you're a home buyer, investor, or business owner, understanding these trends can help you make informed decisions in the ever-evolving Milwaukee real estate market.
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