With home sales up 12% year-over-year, prices up an estimated 8.2%, and the average seller selling for more than their list price, Milwaukee’s housing market is holding up better than any other major U.S. market. This is according to a recent report from Redfin, the Rocket-powered real estate agency.
Chicago is the next Midwest center after Milwaukee. Along with rising prices and sales, Chicago is also experiencing a decrease in inventory and an increase in market speed, all of which are indicators of a robust market. Philadelphia, Minneapolis, New York, Cincinnati, Detroit, Newark, New Jersey, Pittsburgh, and Virginia Beach, Virginia, complete the top 10 list.
According to Redfin’s analysis, U.S. metropolitan areas are ranked according to changes in the following metrics as of June 2025: the average sale-to-original-list price ratio, median days on market, inventory, share of homes that went under contract within two weeks, median sale price per square foot, and homes sold. Redfin included the 49 metro regions having adequate data in their analysis of the 50 most populated U.S. metropolitan areas (Kansas City, MO is the metro excluded).
Key Findings — National
- Location: Six of the 10 metros holding up best are in the Rust Belt, whereas the fastest-cooling metros—which Redfin focuses on in the final section of this report—are concentrated in the Sun Belt. The Rust Belt, a once-booming steel manufacturing region that grappled with decades of economic decline, is experiencing less out-migration than it has in recent years as the pandemic-era population shift to the South slows.
- Affordability: Home prices are up 5.9% year over year on average across these 10 metros holding up best, compared with a nationwide gain of just 0.5%. Still, most of these metros have prices lower than the national median. Affordability often begets home-price growth because buyers are drawn to affordable places when housing costs are elevated. That said, affordability is relative; many locals have been priced out of Rust Belt markets and would no longer consider these places affordable.
- Rising demand, relatively small gains in supply: Home sales are up 6.4% year over year on average in these 10 metros versus a nationwide gain of 3.8%.Inventory is up 7.3%, compared with a nationwide gain of 11.8%. While supply is rising, it’s still historically low in many of these metros. Limited supply paired with solid demand can fuel homebuyer competition and buoy prices.
| The Metros Holding Up Best | The Metros Cooling Fastest | ||
| 1 | Milwaukee, WI | 1 | Las Vegas, NV |
| 2 | Chicago, IL | 2 | Sacramento, CA |
| 3 | Philadelphia, PA | 3 | Denver, CO |
| 4 | Minneapolis, MN | 4 | Fort Lauderdale, FL |
| 5 | New York, NY | 5 | Orlando, FL |
| 6 | Cincinnati, OH | 6 | San Diego, CA |
| 7 | Detroit, MI | 7 | Miami, FL |
| 8 | Newark, NJ | 8 | Seattle, WA |
| 9 | Pittsburgh, PA | 9 | Washington, D.C. |
| 10 | Virginia Beach, VA | 10 | Oakland, CA |
“Is our market white hot? No. But is it red hot? Yes,” said W.J. Eulberg, a Redfin Premier real estate agent in Milwaukee. “Unlike much of the country, Milwaukee is not a buyer’s market. While homes no longer get 15 offers and sell for $80,000 over the asking price like they did during the pandemic, they still get snapped up quickly because we continue to face an inventory shortage.”
On Thursday, Eulberg’s South Milwaukee listing went up, and within three hours, an offer was made. The seller received seven offers by Saturday. According to him, the house sold for roughly $50,000 more than the $256,000 list price since it was reasonably priced, in good condition, and in a nice location. He also mentioned that many buyers find Milwaukee’s close proximity to Chicago to be a selling feature.
Many variables are contributing to Milwaukee’s inventory shortfall. As is the case nationwide, many homeowners are reluctant to list their homes for sale for fear of losing the extremely low mortgage rate they were able to obtain during the pandemic. In addition, the Midwest (and Northeast) has been producing fewer homes than the South and West, where an excess of inventory is currently causing home values to decline in some places. According to Eulberg, there isn’t much space available for new construction in Milwaukee proper, and many of the recently constructed homes in the neighborhood are too expensive for the average first-time buyer.
To read more, click here.
The post Which U.S. Housing Market Is Standing the Strongest? first appeared on The MortgagePoint.
