Using data from Altos Research, HousingWire analyzed selected cities in the Midwest to see how markets have fared since the beginning of the pandemic.
The establishment of Midwest markets fell sharply after the pandemic due to increased demand and sellers who were reluctant to list their properties during the shutdown. The result was a sharp drop in the number of houses available.
The year-on-year decline in inventory reached 50% in 2021 but began to moderate in 2022. Indianapolis experienced the largest increase in property value since July 2022, and year-over-year growth was up 91.3% in March. 2023.
Annual gains in other Midwest metros peaked at the same time, led by Detroit (+39%), Cleveland (+32.2%) and Madison, Wisconsin (+40.0%) and Milwaukee (+17.6%) had strong inventory growth with small peaks. .
Pending home sales have improved during the post-pandemic period. Year-over-year, pending new sales fell sharply in early 2023. Most cities registered declines of around 25%, although Minneapolis was the outlier with a year-over-year decline of 71.1% in January 2023.
The decline in sales in these markets moderated through 2023, although Detroit again sank by the end of the year by nearly 30%. A year-on-year gain appeared in 2024, led by Milwaukee, which is now up 50.7% annually.
Another bright spot for agents is that average prices have been rising in general since the start of the pandemic and are continuing to take action.
Currently, Cleveland (+15%) and Detroit (+13.9%) are experiencing the largest annual increases. But Madison (-5.7%), Cincinnati (-3.5%) and Indianapolis (-0.3%) declined year over year.
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