Affordability Crisis or Housing Crash?
If you’ve been waiting for the perfect time to jump into the Milwaukee housing market, two real estate icons—Ryan Serhant and Barbara Corcoran—want you to know that while the market isn’t crashing, it is shifting.
Buying or selling a home in the Greater Milwaukee area looks a lot different than it did just a few years ago. But don’t worry—there are still plenty of opportunities! You just need to know where to find them (and that’s where we come in!).
Let’s break down what’s really happening in the market and how you can make smart moves—whether you’re buying, selling, or just curious about what’s next.
It’s Not a Housing Crisis—It’s an Affordability Crisis
Ryan Serhant, CEO of SERHANT., says it’s not a housing crisis we’re facing—it’s an affordability crisis:
“I don’t think there actually is necessarily a housing crisis the way you see and you read about it. I think there’s an affordability crisis.” — Ryan Serhant
Here in the Milwaukee area, home prices aren’t crashing, but affordability is a challenge, especially for first-time buyers.
We’re seeing more homes come on the market in neighborhoods like Mequon, Shorewood, and Whitefish Bay, but many of them aren’t exactly “starter home” priced. And if you’ve checked out rental prices lately, you know they’re not making things any easier!
“Over half of all renters are spending more than 30%, sometimes more than 40 or 50% of their paycheck just on their rent.” — Ryan Serhant
That’s a lot of money going toward monthly payments instead of savings for a future home purchase.
Why Sellers in Milwaukee Are Holding Out
So, why aren’t home prices dropping? Simple—sellers don’t have to sell.
Barbara Corcoran explains why we’re not seeing a flood of listings in the Milwaukee area, even as mortgage rates shift:
“No one wants to move and [there are] fewer houses to choose from at higher rates. So it’s difficult for homebuyers.” — Barbara Corcoran
If you snagged a 3% mortgage rate back in 2020, would you want to trade it in for today’s rates? Most homeowners in Milwaukee suburbs like Brookfield, Grafton, and Bayside are staying put—and who can blame them?
Even when homes hit the market, many sellers are holding firm on price.
“I don’t think it’s in the nature of sellers to be realistic, honestly. Their house is always worth more… I don’t think prices will shake out at all.” — Barbara Corcoran
This means homes are sitting longer. In fact, over half of listings at the end of 2024 stayed on the market for more than 60 days—a noticeable shift from the fast-paced market we’ve seen in recent years.
But guess what? This slowdown could actually be good news. We’re moving toward a more balanced market, where buyers have time to breathe, explore their options, and negotiate.
The Bottom Line—What This Means for You
The Greater Milwaukee housing market isn’t frozen—it’s just evolving. Here’s what that means for you:
🔹 For buyers: Affordability is tough, but there are perks—fewer bidding wars, longer time on the market, and more room to negotiate (yes, even in hot spots like Bay View and Wauwatosa!).
🔹 For sellers: Buyers are getting pickier. Pricing your home competitively and making it move-in ready will help you stand out—especially in sought-after neighborhoods like Fox Point or Cedarburg.
🔹 For renters: With many homeowners staying put, rental prices in Milwaukee remain high. If buying is on your radar, now is the time to start building your financial plan.
At The Zoeller Team, we believe there’s always a way to make smart moves in real estate—no matter what the market looks like. It’s all about focusing on your personal goals and finding the right opportunities (they’re out there—we promise!).
Thinking about buying or selling in the Greater Milwaukee area? Let’s chat over coffee (or a glass of wine—we don’t judge!). We’re here to help you navigate every twist and turn of this market with confidence, ease, and maybe even a few laughs along the way.