One of the interesting aspects of our market is that prices continue to rise in 2023 even though buyer activity is down significantly from each of the previous two years. As the chart below shows, showings are down by 23% compared to the first 6 months of 2022, and down by 32% compared to first half of 2021. 

Another trend the chart makes clear is that there is usually a seasonal aspect to buyer activity. Typically, showings peak in the springtime and then subside in the summertime and throughout the remainder of the year. 

Buyers and sellers should be aware of these changes as we enter the summer season. Showings will decrease in July and August, for sure. Bidding wars will be less common. And we'll see fewer buyers writing offers that waive

Dane County condo prices continued to post large year-over-year increases in the month of May. Here's our latest Madison area condo report updated for the month of May, 2023.

Dane County condo prices

Condo prices increased by all measures in the month of May. The price per square foot increased 19 percent; the median 10 percent; and the average 20 percent. Note, condo prices can fluctuate greatly due to the relatively low number of condos being sold in any given month.

When we look at prices year-to-date, the increases are still quite strong. The price per square foot was up 7% through the first 5 months of the year. The median was up 12%, and the average was up 11%.

New MLS condo listings

Only 135 condominium listings were posted to

Home prices continue to rise in Dane County, and by all measures. Here's our latest single family home update for the month of May, 2023. 

Dane County home prices

The price per square foot increased to $229, which was a new record for our market and up 5 percent year-over-year. The median price was $449,900, which was up 6 percent. And the average price was $517,046 (up 8 percent). 

New MLS listings

Only 585 single family homes were listed for sale last month, which was the second lowest total for the month of May this century. Higher mortgage rates are causing many would-be sellers to pause and put their real estate plans on hold. 

Active listings

Right now there are fewer active single family home listings (those without

If you do a Google search to learn more about the housing market, these are some of the headlines and articles that you will find: 

• Home prices are finally declining…
• Home prices just broke a decade-long streak…
• Housing Market: Home Prices Post First Yearly Decrease In 11 Years…

Once you get past the headline you might see details similar to what was posted on CNN.com:  

"Regionally, prices fell more from a year ago in the West (down 5.6%) and Northeast (down 4.5%), where housing is more expensive. But prices were still climbing from last year in the South (up 2.7%) and the Midwest (up 5%)."

It is important to look past the headlines and talk to local experts. Prices are not declining in Dane County. Our latest market update shows

When interest rates started rising last year, we knew that higher rates would result in fewer people choosing to buy a home or condo. What we didn't expect, is the profound impact that higher rates would have on the number of people choosing to sell. The chart below makes this relationship perfectly clear. MLS listings dropped noticeably last summer and have been trending lower ever since. 

Who's selling and who's not? 

Right now most of our clients who are selling are selling due to major life changes. Changes like death, divorce, downsizing, and relocation. What we aren't seeing so much are the people who are choosing to sell in order to "move up" to a larger home. The prospect of higher rates (and a higher monthly payment) is causing this

Condominium prices continue to rise throughout Dane County, and by all measures. Here's our latest Dane County condo market update covering the latest price trends, and much more. 

Dane County condo prices

The price per square foot increased to $210, which was a 3 percent increase from last April. The median price jumped to $301,500, an increase of 10 percent. While the average moved to $338,991, an increase of 7 percent.

New condominium listings

One of the biggest reasons for high prices is a low influx of new listings. Only 148 condominiums were listed for sale on the MLS in April, which was a 22 percent decrease from last year. Overall, condominium listings were down by 23% through the first 4 months of the year.

Available

Spring market conditions continue to be very favorable for sellers as prices continue to rise throughout the Madison area. Here's our latest single family home update, covering the month of April, 2023. 

Dane County home prices

The price per square foot increased to $227, up 6 percent from the year before. The median price grew to $440,000, an increase of 4 percent. While the average price jumped to $508,022, an increase of 9 percent. 

New MLS listings

A limited supply of new listings is the biggest reason why prices keep rising in the Madison area. New MLS listings were down 30% in April and by 25% year-to-date. 

Active listings

Although active listings (those without an accepted offer) have risen slightly year-over-year, they

It's safe to say that no one expected competing offers to increase when interest rates more than doubled, but that's exactly what's happening in our spring market. According to our preliminary data for the month of March, competing offers for single family homes are at an all-time high here in Dane County. 

While the competition for condominiums is at an all-time high, too. 

Why is the real estate market so competitive in the Madison area?

This short article shares 9 reasons why competition remains strong and why we expect prices to continue to rise for the foreseeable future. 

Stay tuned for our upcoming home and condo market updates, which will offer a lot more insight into our spring market. In the meantime, you can always reach out

Single family home listings are entering the market at the slowest pace on record, and are down by 26% through the first 4 months of the year. 

While condo listings are down by 23% through the first four months.

Low listing activity is one of the big reasons why Madison area home and condo prices continue to move higher in 2023, and why we expect prices to continue to rise for the foreseeable future. 

How does the market impact you and your real estate goals? You can always reach out to our realtor team for a helpful conversation. We'd love to help. 

Now that most of the transactions are in the books for the month of April, it's time for a quick look at Madison area home and condo prices. 

Dane County homes

• The median price in April increased to $450,000, up 7% from the year before. 
• The average price increased to $511,806, which was up 10%. 

Dane County condos

• The median price increased to $301,500, up 10% from last April. 
• The average price increased to $338,991, which was up 7%. 

Why do Dane County home and condo prices keep rising? Here are 9 reasons why prices continue to rise and why we expect prices to keep moving higher for the foreseeable future. Of course, we're always available to chat about the market and how the market impacts you and your goals. You know