Wisconsin is a beautiful state to live in, there is plenty to do & many different cities to choose from. A trend that has been gaining popularity recently is that more people are starting to move away from big cities, and to smaller cities outside of them for a quieter & peaceful environment.
One of the cities here that people are starting to have interest in is a city called Waukesha, Wisconsin. With a population of just a little over 72,800 residents currently, it is the 7th largest city in the state. Waukesha has seen a population increase of just under 3% since 2010, making it the perfect place for homebuyers who want a small-town feel but still want to live in a larger city.
Here is everything you need to know about the Waukesha, Wisconsin real estate market health & trends in 2020.
Waukesha Real Estate Statistics
According to Redfin, the Waukesha housing market is very competitive, giving the city a score of 72 out of 100 on the competition scale.
This makes the market in Waukesha a “seller’s market” which means that homebuyers have some competition when it comes to purchasing homes in the city.
The average home sale price was reported at $260K last month, which was a decline of 5.8% since 2019.
Per square foot, the average sale price in Waukesha is $146 per sqft, which is an increase from prices in 2019 of 1.7%.
While the average sale price of homes in Waukesha has seen a decrease, this is likely due to impacts from COVID-19 to the overall economy – which affected jobs, transactions, and real estate all over the country. Luckily, the market in Waukesha is actually improving!
In January 2020:
The average list price was $369,900
The average sale price was $288,500
In May 2020:
The average list price was $389,900
The average sale price was $320,000
Overall, average sale prices increased by about $31,500 – which is good news considering that most prices dropped from January to May due to effects of COVID-19 to the economy.
A Few Tips for Waukesha Buyers
Since home values are steadily increasing, this means that the market is likely gaining competition among homebuyers.
This means that when looking to purchase a home, it is important to know what type of home you are looking for, and make a list of the must-haves in a home for you & your family before you start looking. This is a mistake that a lot of homebuyers make when shopping for a home in a competitive market like Waukesha.
To-Dos Before You Start Shopping:
Know what you can afford – always aim for lower rather than higher
Determine what kind of home you want – ie. ranch style, two-story, modern, rustic, etc! Your realtor can help you figure out what type of home would be a good fit for you
Decide which areas you would like to live in – & only look at homes in those locations. It doesn’t make sense to look at a home that is too far away from your workplace or other places you visit frequently
Talk about what characteristics of a home make you happy, what can you not live without, ie. a basement, an open concept, bathrooms on each floor, etc
Finally, when you do start shopping & find a home that you think might be a good fit, it is highly recommended that you get a home inspection before you make the final decision!
Know What You Can Ask for After the Inspection
Since you know about the market trends, home sale vs. list prices, and demand for homes, make sure that you know what you can ask for after the inspection!
Given that Waukesha is a moderately competitive market, buyers probably can’t ask for too many fixes (found during the inspection) from the seller, because the seller probably has other buyers who are ready to purchase the home as-is.
Basically, some defects listed in the home inspection report will probably have to be looked past. However, certain defects in a home that are of immediate concern or are safety hazards should be prioritized & are what you want to ask for during negotiations.