In March last year, a home in Wauwatosa sold for over one million dollars for the very first time. Six weeks later, a second home there sold for over a million, and by the end of 2023, nine homes in Tosa sold for over one million dollars. So why are these homes being priced this way now, and why did so many homes sell for so much immediately after the first?
Julie Feldman wrote about this trend in this month’s issue of Milwaukee Magazine.
"It took one person to do it to believe that they could do it, and it broke the ceiling," explains Feldman. "Once that ceiling was broken, it opened the floodgates and by the end of the year, they had eight additional $1,000,000 plus home sales in Wauwatosa. And so, it really just took somebody brave enough to say, 'I think we can do this.' And people followed."
This could be an indicator of what buyers can expect from Wauwatosa housing in the future, but Feldman reiterates that, in real estate, everything breaks down to the economy and market.
"Why was it so hot before? Because the law of supply and demand. There were very few homes on the market, so the homes that did go, sold in a blink of an eye and they sold for a higher price," Feldman says.
Despite these homes selling at this price point, Feldman insists that Wauwatosa still has viable options at every price point.
"Remember, we mentioned there were nine million dollar home sales since March to the end of the year. That's nine homes out of thousands of homes that are going to be sold in Wauwatosa," she says.
"Wauwatosa offers homes in price points across the board and it's a great community for people to live in [and] to raise families in. So, no. This does not signal that it's too expensive for everyday folks like myself to live there," she says.
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