Dane County home prices were up significantly in the month of June. At the same time, we see clear signs of a market trending toward more balance, where there will be a lot more give and take between buyers and sellers in the months ahead. Here's our latest single family home update -- covering the month of June, 2022. 

June Dane County home prices

The price per square foot was up by 15% year-over-year and 15% year-to-date. Note the average price per square foot has increased by 34% from June of 2019 to June of 2022. To put this in perspective: if you purchased a home for $300,000 three years ago, your home is worth approximately $400,000 right now. 

Single family home inventory

One reason prices have continued to rise is perpetually

Our buyer traffic data from Showing Time paints a good picture of what's going on in the market right now. Here's a quick overview. 

Aggregate buyer traffic has been decreasing with the rise in mortgage rates. 

Buyer traffic started to decrease in the month of March, as interest rates began to rise. Most recently, showings in South Central Wisconsin decreased 17% in June compared to June of 2021.

As inventory has been rising, individual listings have been receiving less traffic.

Here's how listing traffic has been trending for three popular price points.

$300,000 - $399,999

$400,000 - $499,999

$500,000 - $599,999

Where does the Madison area real estate market go from here? 

As we enter a more balanced market this

Our circumstances in life are always changing. For example, the events of the world. The state of the economy. Changes in our family. And changes in our personal life, too. 

But regardless of what is happening in the world around us, we all need a place to call home. And more than that we all desire a place that truly feels like home. A home that enhances our sense of wellbeing and our feeling of belonging. That belonging could be the connection we feel with our neighbors, the connection we feel with our community, and the connection we feel with the natural world that surrounds us. 

Do you find yourself dreaming about your next home? A home that enhances your sense of wellbeing and belonging? We would love to explore the possibilities with you

As we return to a more balanced market, the art of negotiation is making its return, too. And it has been a long time coming. For the last three years, so many buyers have felt like they were at the mercy of sellers, where virtually every aspect of the offer to purchase was about buyers giving and sellers taking. But now, with the market mellowing, many buyers and sellers are realizing that they are on a much more level playing field when it comes time to negotiate. 

Now all of these terms are open for negotiation once again:

The price.

The inspection.

The appraisal. 

The home sale contingency.

And a host of other contingencies, too.  

Do you need help negotiating our changing market? 

Reach out to your preferred Mad City Dream