Out-of-state landlords dramatically slowed acquisitions in the first quarter of 2023
City of Milwaukee home sales fell to pre-pandemic levels through the first quarter of 2023. Slightly more than 1,400 houses were sold in self-reported arm’s length transactions during the first three months of this year. That is down from nearly 2,100 in both 2021 and 2022, but it is similar to the sale volume in 2018 and 2019.
The statistics in this article are derived from a custom dataset matching state transaction records with city parcel data. Due to delays in the reporting process, the 2023 statistics are preliminary, and the final totals will likely be slightly higher than at present. About 1.5% of transactions could not be matched and are not included in this analysis.
Most notably, out-of-state landlords dramatically slowed their pace of acquisitions. Their share of arm’s length home sales fell from 20% in the first quarter of 2022 to just 9% in 2023. The proportion of purchases by owner-occupiers and city or suburban-based landlords all ticked upwards compared to the last two years.