City in Waukesha County, Wisconsin. Data-backed housing guide by Kinan Sawar, MD — REALTOR® at Shorewest, REALTORS®. Figures as of 2026-07-03.
| Typical home value | $549,786 |
|---|---|
| 1-year change | +6.1% |
| 5-year change | +35.4% |
| Typical rent | $1,839 per month |
| Gross rent yield | +4.0% |
The typical home in Oconomowoc, Wisconsin is worth about $549,786 as of 2026-07-03, up 6.1% over the past year and up 35.4% over five years. Source: Zillow Home Value Index, compiled by Sawar Homes.
Oconomowoc is one of the few markets in western Waukesha County where the rental picture is as well-documented as the sales picture. As of April 30, 2026, the typical home value is $549,786, typical rent is $1,839 a month, and the gross rent yield works out to 4.01%. Having all three numbers in one place is unusual for this part of the county.
The growth story is a strong one. Values rose 35.4% over five years and 6.1% in the past twelve months. Rents moved more slowly — up 2.8% year over year — so prices have been outrunning rents here.
Within Waukesha County, Oconomowoc ranks 12 of 27 municipalities by typical value. It sits $15,684 above the county median of $534,102 and roughly 21% above the seven-county regional median of $455,834.
At $549,786, Oconomowoc prices just above most of its nearest peers: Vernon at $546,880, Eagle at $534,102, and Brookfield at $533,345, with Wales higher at $562,695. The whole group trades inside a band of about $29,000 — this is a tightly packed middle-upper tier of the county, and small pricing differences move a home's competitive position.
ZIP-level data adds a wrinkle. ZIP 53066 shows a typical value of $575,203 — about $25,000 above the citywide figure — with typical rent of $1,775. The ZIP covers a different footprint than the city limits, so the two numbers sample different sets of homes.
For investors, the 4.01% gross yield is the headline. That is annual rent (roughly $22,068 at $1,839 a month) divided by the typical value, before taxes, insurance, maintenance, and vacancy. Note the trend underneath it: one-year rent growth of 2.8% trails the 6.1% price gain. If that pattern continued, gross yields would compress — though past trends do not guarantee future results.
| ZIP code | Typical home value | 1-year change | Typical rent |
|---|---|---|---|
| 53066 | $575,203 | +6.3% | $1,775/mo |
| Homes sold (arms-length, single-family) | 502 |
|---|---|
| Median sale price | $539,900 |
| Middle 50% of sales | $385,000 to $630,000 |
| Government-backed financing (FHA/VA/USDA) | 0.4% |
| Seller-financed | 0% |
Over the 12 months ending June 2026, 502 single-family homes sold in Oconomowoc, Wisconsin in arms-length transactions, at a median price of $539,900. Half of those sales fell between $385,000 and $630,000. Source: Wisconsin Department of Revenue real estate transfer returns, compiled by Sawar Homes — every recorded sale, including for-sale-by-owner and builder-direct transactions that never appear in the MLS.
Zillow’s typical-home-value estimate for Oconomowoc is $549,786, while homes that actually changed hands had a median price of $539,900 — a difference of -1.8%. These measure different things, and neither is wrong: the index estimates the value of every home whether or not it sold, while the sale figure reflects only the homes that changed hands, which usually skew toward the more affordable end of the market.
Buyers should plan around the $550,000 mark for a typical Oconomowoc property, and note that ZIP 53066 reads about $25,000 higher at $575,203. The 6.1% one-year gain means the market did not wait for anyone last year. On the other hand, Oconomowoc's premium over the county median is modest — $15,684 — so relative to Waukesha County as a whole, the entry point here is closer to the middle than the top.
Sellers are working from a strong data position: 35.4% appreciation over five years and a peer group priced within a narrow band. That band cuts both ways — with Vernon, Eagle, and Brookfield all clustered between $533,000 and $547,000, buyers can compare alternatives easily, so pricing against recent comparable sales matters more than the headline trend. Five-year owners have seen substantial paper gains, but individual results vary by property, and no pricing strategy guarantees an outcome.
Oconomowoc's downtown sits on a strip of land between Lac La Belle and Fowler Lake, with shops and restaurants along Wisconsin Avenue, a walking path around Fowler Lake, and City Beach on Lac La Belle. The Rhodee Memorial Band Shell at the beach hosts summer band concerts, and the Lake Country Recreation Trail runs east toward Pewaukee and Waukesha, while I-94 on the south side of the city connects to both Milwaukee and Madison.
Dates and details change year to year — check each event’s organizers for current schedules.
As of April 30, 2026, the typical home value in the city of Oconomowoc is $549,786. Within ZIP 53066 the typical value is higher, at $575,203. Individual homes range around these figures.
Typical rent in Oconomowoc is $1,839 per month as of April 30, 2026, up 2.8% over the past year. In ZIP 53066, typical rent is $1,775.
Slightly. Oconomowoc's typical value of $549,786 is $15,684 above the county median of $534,102, and it ranks 12 of 27 Waukesha County municipalities by typical value.
The data shows a gross rent yield of 4.01% — annual rent divided by typical home value, before expenses like taxes, insurance, and vacancy. Rents grew 2.8% over the past year while prices grew 6.1%. Whether that pencils out depends on the specific property and financing; past figures do not guarantee future results.
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Kinan Sawar, MD — REALTOR® at Shorewest, REALTORS®, serving Milwaukee and Southeast Wisconsin (Milwaukee, Waukesha, Ozaukee, Washington, Racine, Kenosha, and Walworth counties). Email: [email protected] · Phone: (618) 713-2964.
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Home values and rents are Zillow ZHVI/ZORI estimates for the named area, as of 2026-07-03; incomes and population are U.S. Census (SAIPE, Population Estimates); migration is IRS Statistics of Income. Area-level statistical estimates for information only — not an appraisal, and not financial, legal, or tax advice.