Shorewood home sale breaks records as area prices keep rising: Slideshow

As Milwaukee-area home prices continue to rise, a Shorewood home that sold for $1.85 million Wednesday broke two sales records.

It’s the priciest house sold this year in the desirable Milwaukee suburb, Metro MLS confirmed. Among Shorewood homes that aren’t set on Lake Michigan, it’s the most expensive house ever sold, according to Suzanne Powers of Powers Realty Group in Shorewood, who represented the seller.

“We’re used to seeing properties on the water get close to $2 million,” Powers said. “This is new territory.”

Even as home sales have slowed this year due to a lack of inventory and higher mortgage rates, home prices in the Milwaukee area have continued to rise as demand from buyers remains strong. In Shorewood and elsewhere, that has translated to record-breaking sales prices.

The house Powers recently sold is on North Lake Drive, across from the lake and Atwater Park. Powers listed it for $1.79 million in May and said it likely fetched a higher sales price because it’s relatively new and move-in ready. Mahler Sotheby’s International Realty represented the buyer.

At 5,762 square feet, the house was custom-built in 2004 and has since had upgraded mechanicals, appliances and light fixtures. It has five bedrooms, three full bathrooms and one half-bath. Click through the slideshow above to see photos.

There have been seven homes in Shorewood that have sold for more than $2 million, including one that sold for $3.59 million in December 2021, according to Metro MLS. Each of those properties is located on Lake Michigan.

“We’re starting to see a lot of properties enter the ($3 million range) on Lake Michigan, from Whitefish Bay to Mequon,” Powers said. “We’re setting new records week by week it seems like right now.”

Earlier this year, a recently renovated home in the Milwaukee suburb of Wauwatosa became the first Wauwatosa house to sell for more than $1 million.

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