REALTORS® Welcome Foxconn
Market Highlights: Great News for SE Wisconsin Housing Market, Construction Boom on the Horizon, Improved Quality of Life
July 27, 2017 – Southeastern Wisconsin will see significant gains in new construction, unit sales, and increased values with the Foxconn development.
| County | Annual Sales | %
Change |
|
| 2015 | 2016 | ||
| Racine | 2,599 | 2,805 | 7.9% |
| Kenosha | 2,273 | 2,461 | 8.3% |
| Walworth | 1,727 | 1,812 | 4.9% |
| 3 County Area | 6,599 | 7,078 | 7.3% |
The Racine-Kenosha-Walworth market area has seen solid gains in unit sales in recent years. With the additional jobs moving into the area, more new homes, condos, and apartment buildings will need to be built, which will grow the market exponentially.
Additionally, small and large commercial structures, like office buildings, grocery stores, specialty shops, etc. will need to be built to accommodate the new workers and their families moving into the area.
The scale of new growth is probably somewhat similar to what the City of Milwaukee experienced after WWII, when the city saw acre, upon acre of new housing and commercial development radiate out from the city center to the south, west and north.
The value of existing homes in the 3 county area has not quite matched its pre-recession peak, but it is closing in. With the Foxconn announcement, values should rise a little faster in coming years.
| County | Annual Sale Price | %
Change |
|
| 2015 | 2016 | ||
| Racine | $157,388 | $167,804 | 6.6% |
| Kenosha | $168,464 | $179,598 | 6.6% |
| Walworth | $259,877 | $268,177 | 3.2% |
The new households that will be added to the area will also push demand for more quality of life services, like schools and parks. The state has a rich history of high quality public education and public services, which will be critical as new home buyers decide where to live.
NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. While it is believed to be reliable, Urban Milwaukee does not guarantee its accuracy or completeness.
More about the Foxconn Facility
- With 1,114 Employees, Foxconn Earns $9 Million in Tax Credits - Joe Schulz - Dec 13th, 2024
- Mount Pleasant, Racine in Legal Battle Over Water After Foxconn Failure - Evan Casey - Sep 18th, 2024
- Biden Hails ‘Transformative’ Microsoft Project in Mount Pleasant - Sophie Bolich - May 8th, 2024
- Microsoft’s Wisconsin Data Center Now A $3.3 Billion Project - Jeramey Jannene - May 8th, 2024
- We Energies Will Spend $335 Million on Microsoft Development - Evan Casey - Mar 6th, 2024
- Foxconn Will Get State Subsidy For 2022 - Joe Schulz - Dec 11th, 2023
- Mount Pleasant Approves Microsoft Deal on Foxconn Land - Evan Casey - Nov 28th, 2023
- Mount Pleasant Deal With Microsoft Has No Public Subsidies - Evan Casey - Nov 14th, 2023
- Microsoft, State Announce Massive Data Center Expansion, Land Purchase - Joe Schulz - Nov 11th, 2023
- Gov. Evers Announces Microsoft Makes Major Investment in Wisconsin - Gov. Tony Evers - Nov 10th, 2023
Read more about Foxconn Facility here
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