In a sign of COVID-19’s effects on southeast Wisconsin’s housing market, home sales in the Milwaukee metro area fell 9.2% in April, according to a report from the Greater Milwaukee Association of Realtors.
Most counties in the metro Milwaukee area and in southeast Wisconsin saw home sales drop in April as the state sheltered in place to slow the spread of the coronavirus.
In the Milwaukee metro area, Ozaukee County saw the largest decline last month — a 14.3% drop in sales from the previous year prior — and Milwaukee County home sales fell 11.9%. Southeast Wisconsin as a whole saw its sales fall 10.4% in April, and Walworth County recorded the largest decline, a 29.9% drop from April 2019.
Many potential sellers may be waiting for Wisconsin’s stay-at-home order to end before listing their homes, according to the report. The Milwaukee metro area saw its listings fall 33.8% in April from the year before, and listings in southeast Wisconsin dropped 35.4%.
A lack of supply has contributed to rising home prices in recent years. The average sale price in the Milwaukee metro area rose 8.3% to $288,948 in April from $266,922 a year before. For the year, the average sale price is up 10.7% from 2019.