Here's our latest update for the Madison area single family home market, covering the month of March, 2023. 

Competing offers

Our preliminary data for the month of February shows that 48% of the homes that went under contract in February received multiple offers. This is a very high percentage for this time of year -- just below last February's record of 50% -- and points to more rising prices in the months ahead. These high numbers show that we still have a large pent-up demand for real estate here in Dane County. 

New MLS listings

One of the reasons competition is so high, is because the number of new listings entering the market is so low. Right now, new MLS listings are entering the market at the slowest pace on record.

Dane

We're really looking forward to our new listing in Hill Farms! For the last 7 months we've been working on staging, capturing photos and video, and rounding out our marketing.

We're excited for our clients and for the rewards that they're about to reap, thanks to their focus on the fundamentals and their decision to plan ahead.

We'll have much more to share about this one real soon. 

We'll be publishing our Dane County single family home report real soon. In the meantime, here's our latest look at home prices in the Madison area. 

Price per square foot, average price, and median price

Madison area home prices continued to rise in the month of March, and by all measures. The price per square foot rose to $217, up 4% from the year before. The average price rose to $482,939 (up 10%). And the median price rose to $426,500 (up 8%).

Prices by price range

This chart shows Dane County home prices by percentile, from the 10th percentile all the way up to the 90th. As the graph shows, March home prices are up at every point along the price spectrum -- at the low end, at the mid-range, and at the high-end, too.

The

Artificial intelligence will be changing the world of real estate in many different ways, with some of these changes already beginning to take shape. Here are just a few them. 

Online content

One of the biggest changes that we'll see is an explosion of AI-generated content. News stories, advice articles, advice videos, social media posts, and online ads. It won't be long before a majority of the content that we encounter online, not just real estate content, is produced by AI. 

Administrative support

Another big change that we'll encounter is in the area of administrative support. In many cases, the online support person who schedules our property showings and answers our questions won't be a person at all. It will be AI. 

Analytics

Buyers have become more discerning in 2023, which means it’s time for sellers to get back to the basics. If you’re planning to sell your Madison area home this year, you’ll do yourself a huge favor by embracing these 5 fundamentals.  

The five home-selling fundamentals

1) Consult with an expert on your home’s current market value.

2) Address the repairs and cosmetic updates that add instant value and appeal.

3) Professionally stage your home. 

4) Choose a professional, polished, and comprehensive marketing plan.

5) Hire a realtor who you know you can trust with your negotiation.

When you follow these 5 fundamentals, you’ll be addressing everything you need for a smooth and successful sale. And based on our experience, your sale will