Dane County home prices increased once again in November. Here's our latest monthly update on the single family home market.  

Dane County home prices

Home prices in the month of November:

• The price per square foot increased by 7 percent compared to November of 2022.
• The average price increased by 9 percent. 
• The median price increased by 8 percent. 

Home prices through the first 11 months of the year: 

• The price per square foot increased by 5 percent during the first 11 months of the year. 
• The average price increased 7 percent. 
• The median price increased 5 percent. 

New listings

Prices remain high because listing activity remains low. A total of 262 Dane County homes were listed for sale in the month of

For the last 18 years, Dane County home building has been occurring at a subdued pace compared to the peak construction years in the early 2000's. This is one of ten reasons why we expect inventory to be low and prices to be high in 2024. For more info, check out this recent post. 

Thank you to Dominic Collar, who's been generously sharing his housing start data with us for the last 15 years. With Dominic's help, we've been able to stay on top of the new construction market and share our insights with you. We appreciate your generosity, Dominic! 

A little bird told us that prices will continue to rise in 2024, and here are the 10 reasons it gave us.

Why Dane County real estate prices will continue to rise

#1) Dane County’s rapidly-growing population 

#2) Our region’s continued economic growth

#3) Madison’s national reputation 

#4) Climate migration to the Madison area

#5) Significant pent-up demand from motivated buyers 

#6) Fewer people choosing to sell 

#7) A limited supply of new construction homes 

#8) A low supply of new construction condos

#9) Historically low levels of foreclosures  

#10) Rising costs for new construction  

Contact one of our full-time professionals for more insight into the 2024 market. We’re here to be a resource for you and help

Foreclosures were once a significant source of housing inventory in the Madison area, but those days are long gone. A lack of distressed property sales is just one of several key reasons why we anticipate low home and condo supply (and rising prices) for the foreseeable future. Stay tuned for much more info on this topic, coming to our blog real soon. 

Dane County home and condo listings edged a little higher in November, but in the big picture listing activity was still much lower than we'd like to see it. 

Here's how single family home listings trended in November:

Here's how condo listings trended:

Will more home and condo owners choose to sell in 2024? Stay tuned. We'll have plenty of timely updates to share with you in the months ahead.

Dane County home prices increased once again in October, although by smaller amounts than in previous months. 

Dane County home prices

On a year-over-year basis:

• The price per square foot increased from $218 to $228 (4 percent). 
• The average increased from $470,079 to $482,742 (3 percent). 
• The median price was even at $415,000. 

Through the first 10 months of the year:

• The price per square foot increased from $213 to $225 (5 percent). 
• The average increased from $467,547 to $498,938 (7 percent). 
• And the median increased from $415,000 to $439,554 (6 percent). 

New listings

Prices remain high because listing activity remains low. Only 379 Dane County homes were listed for sale in the month of October, which

Here's our newest look into the Madison area condo market, starting with the price trends for October, 2023.

Dane County condo prices

On a year-over-year basis:

• The price per square foot increased from $208 to $223 (7 percent). 
• The median price increased from $262,450 to $303,000 (15 percent). 
• The average price increased from $308,198 to $344,720 (12 percent). 

On a year-to-date basis:

• The price per square foot increased from $203 to $215 (6 percent). 
• The median price increased from $266,100 to $300,000 (13 percent). 
• The average price increased from $300,421 to $334,778 (11 percent). 

New Dane County condo listings

One big driver of high prices is the low supply of fresh listings. Only 87 Dane County

We'll release our October real estate reports real soon. In the meantime, here's our early read on new listings in the Madison area. 

Single family homes

Listings continued to enter the market at a slow pace. Only 382 Dane County single family home listings were posted to the MLS in October, which was the lowest for any month of October on record.

Condos

Listing activity in the condo market was also light. Only 87 condos were listed for sale in October, which was the lowest for any month of October in the last 21 years.

With listings continuing to enter the market at a slow pace, we expect prices to remain elevated for the foreseeable future. Stay tuned for our more comprehensive market reports -- including price, sales, and days on

Cash sales in the condo market are occurring much more frequently than in the pre-pandemic market. Through the first 9 months of 2023, a whopping 37 percent of all Dane County condos were purchased without a financing contingency.

A high percentage of cash offers is a clear sign of a competitive market. It's also an indicator of pent-up demand, where the number of buyers exceeds the number of condos for sale in Dane County.

Where will the condo market go from here?

Even though mortgage rates have been rising, we do anticipate strong demand, low supply, and steady price growth for the foreseeable future. Demand will be strong because Dane County continues to be an attractive career and retirement destination, while the condominium

Here's our latest insight into the Madison area condo market, starting out with a look at the latest price trends. 

Dane County condo prices

On a year-over-year basis:

• The price per square foot increased from $206 to $222 (8 percent). 
• The median price increased from $281,000 to $301,000 (7 percent). 
• The average price increased from $316,368 to $345,510 (9 percent). 

On a year-to-date basis:

• The price per square foot increased from $202 to $215 (6 percent). 
• The median price increased from $267,860 to $300,000 (12 percent). 
• The average price increased from $299,777 to $333,552 (11 percent). 

New condo listings

New condominium listings continued to enter the market at a slow pace. Only 112 condos were