Milwaukee Multifamily Market Update: Q2 2024

The second quarter of 2024 in Milwaukee’s multifamily market is mirroring the trends observed in the first quarter. Despite the challenges investors face due to the dramatic shifts in the interest rate environment over the past two years, my Q2 analysis reveals that activity in the city remains steady.

Year-to-Date Summary

Apartment building sales volume has increased by 43% Year-to-Date compared to the first quarter of 2024. In Q2, a total sales volume of $30,856,989 was recorded across 22 apartment buildings, with an average unit count of 21 apartments. The average Price per Square Foot also rose by 16% Year-to-Date, moving from $80 to $85.

Year-over-Year Summary

In 2023, numerous portfolio sales led to a significant spike in total sales volume, reaching $235M for apartment buildings. Excluding portfolio sales, the volume was $155M, marking an $80M difference or 34%. For Q2 2023, after removing portfolio sales, the sales volume stood at $30M. Year-over-Year, there was a modest increase of 1.7% in total sales volume, indicating a stable market. The average Price per Square Foot also saw a significant increase of 36%, rising from $63 to $85. The accompanying graphs provide a visual representation of these trends.

Outlook

Overall, the market remains consistent based on the current data. We are currently experiencing heightened interest from building owners seeking our expertise and market insights to assess the value of their properties. This surge in activity may lead to an influx of inventory in the latter half of 2024. Owners considering selling may want to act now to stay ahead of the curve.

If you have any questions about this market update or your local market, please contact Luis Robles at 773-293-5067. To view an interactive map of all sales that occurred in Q2 2024, please visit Interactive Sales Map.