Affordable Condos in Muskego: a market update
February 5, 2024
If you’re looking for an affordable condo in the Milwaukee area, Muskego is a great option. Be prepared to be decisive. Listed condos sell quickly.
Of course, “affordable” is a relative term. We do have some insights on condos that are on the lower end of the price scale!
Over half of the condos in this price range that sold in the past year had some sort of update or renovation. So if you’re thinking about selling your condo, it might be worth it to invest in some updates first. New appliances, granite countertops, and fresh paint can all help you get top dollar for your condo. If you’re a buyer, great to find an updated unit as you may end up mortgaging those updates rather than paying out of pocket throughout your ownership years.
Prices on the Rise
The median condo price increased 22% since 2022 for condos sold between $100k and $300k. That’s a big jump! Basic supply-demand is driving this. Expect it to continue if mortgage rates go down in 2024. If you’re thinking about buying, be prepared to pay more than you would have a year ago. Big picture, it’s still a good investment, as condo prices are expected to continue to rise in the coming years based on supply-demand trends.
Financing and Contingency
Over 80% of condos between $100k and $300k come with a conventional or adjustable rate loan which often comes with a Financing Contingency. This means that in the course of the contract, the home sale price will likely need to fall at or below an appraised value OR a modification to the sale contract may be necessary for it to continue to close. Almost 30% of these condos are bought with Cash, which is one of the quickest ways to close and move on to the next chapter!
Over 85% of condos sold get an accepted offer in less than 2 weeks with over 70% getting an accepted offer in less than 1 week. If you’re thinking about selling your condo, be decisive. Know what you want or need and be flexible with the rest! Once you list your condo, it could be gone in a flash!
Here’s a look at some of the data from the past year:
- The median condo price was $196,000.
- The most expensive condo sold for $282,200.
- The least expensive condo sold for $165,000.
- The most common number of bedrooms was 2.
- The most common number of bathrooms was 1.
Here are some additional tips for buyers:
- Be prepared to move quickly.
- Get pre-approved for a mortgage.
- Be flexible on your closing date.
Here are some additional tips for sellers:
- Price your condo competitively.
- Make sure your condo is in good condition.
- Stage your condo to appeal to buyers.