Why not splurge a little?
That seems to be the mindset of some buyers shopping for upper-bracket homes in the seven-county Milwaukee region. Encouraged by a thriving economy, it seems those with a higher net worth are willing to spend more for those higher-end homes on the market starting at $500,000.
The top 2 percent of the housing market, the luxury market, which are homes selling above $1.3 million, has also seen growth in the amount being spent to acquire them, according to data from the Greater Milwaukee Association of Realtors, Business Journal research, and several real estate brokers operating in southeastern Wisconsin.
In fact, in the seven-county region’s most affluent municipalities, sales prices are up in the big spender category when compared with a year ago. Between January and September of this year, for example, average home sale prices are up 30 percent in Fox Point, sitting at $502,212, up from an average sale price of $386,516 in the same period for 2017.
Meanwhile, in the town of Linn in Walworth County, located along Geneva Lake that attracts many wealthy Illinois residents, average sales prices are up 70 percent, from $749,959 in that nine-month period in 2017 to $1.27 million in 2018.
Read more in the Milwaukee Business Journal.