How are home and condo prices trending in the Madison area? Here are a few observations which offer some good insight into the Dane County real estate market.
For starters, home prices are trending higher at all points along the price spectrum.
Based on our review of the November numbers, home prices are up significantly at every point along the spectrum. At the lower end, the mid-range, and the high-end -- all price points are trending higher.
Condo prices are trending higher, too.
The median condo price in November was up 12 percent year-over-year, and prices were higher at every other point along the spectrum, too.
What the numbers don't show.
What these numbers don't show is that some home and condo sellers are struggling right now due to changing buyer expectations. Now that the stock market is lower and inflation is higher, today's buyers are more discerning and generally expect more for their money than buyers from a year ago. Today's buyers don't want to take on costly repairs and renovations, and they don't want to take on the responsibility of finding and hiring good contractors. They would much rather buy a move-in ready home instead.
So, yes, year-over-year home and condo prices continue to rise in Madison and across Dane County -- but for the homes that are move-in ready. Which is why the fundamentals of professional staging, smart cosmetic updates, and smart pricing are so important for sellers in today's market.
