Milwaukee tops list of resilient US housing markets

Milwaukee leads the nation as the most resilient major housing market, according to a new report from Redfin. The Wisconsin city saw home sales rise 12% year over year, while prices climbed 8.2%. Sellers in Milwaukee are also routinely receiving offers above their listing prices. 

The report analyzed 49 of the 50 most populous US metropolitan areas and ranked them based on year-over-year changes in sales volume, median sale price per square foot, days on market, and inventory levels as of June 2025. 

Midwestern metros dominate rankings 

Trailing Milwaukee were Chicago and Philadelphia, followed by Minneapolis, New York, Cincinnati, Detroit, Newark, Pittsburgh, and Virginia Beach. These metros, many of which are located in the Rust Belt, shared three key traits: relative affordability, increasing demand, and limited housing supply. 

“Is our market white hot? No. But is it red hot? Yes,” said W.J. Eulberg, a Redfin Premier agent in Milwaukee. “Unlike much of the country, Milwaukee is not a buyer’s market.” 

Eulberg highlighted a recent South Milwaukee listing that received an offer within three hours and ultimately sold for $50,000 over the asking price. It was fairly priced, in good shape and in a decent location, according to Eulberg. 

Tight supply fuels competition 

One major factor sustaining Milwaukee’s housing strength is inventory shortage. Many homeowners are reluctant to sell and lose their pandemic-era mortgage rates, while new construction in the city remains limited due to land constraints and high development costs. Redfin noted that the Midwest and Northeast have built fewer homes compared to Sun Belt regions, which are now seeing market slowdowns. 

Across the top 10 resilient metros, home prices rose 5.9% on average, compared with just 0.5% nationally. Home sales increased by 6.4%, outpacing the 3.8% national average. Meanwhile, inventory grew only 7.3%, below the national gain of 11.8%. 

Sun Belt cities cool fastest 

In contrast, Las Vegas topped the list of fastest-cooling markets. Home sales there fell 10.2%, and inventory rose nearly 45%. Homes now take longer to sell and typically close below asking price. 

“Buyers have more inventory to choose from than they’ve had in years,” said Cherra Bergman, a Redfin agent in Las Vegas. “Even when they find a home they really like, they often wait to find something better.” 

Florida and California metros also featured prominently on the fastest-cooling list, as rising insurance costs and affordability pressures temper demand. 

Source: Redfin 

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