How are home prices trending in the Madison area? Here are a few observations which offer some good insight into the Dane County single family home market.
First, home prices are trending higher at all points along the price spectrum.
Based on our review of the October data, 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.
What the data doesn't show.
What these numbers don't show is that buyer demand has decreased noticeably. Because buyer activity has decreased this fall, sellers are experiencing fewer showings and receiving fewer offers. And most important, a greater percentage of sellers are seeing their home sit on the market without selling.
Now that interest rates are higher and the stock market is lower, buyers this fall are generally more selective than buyers from a few months ago. Today's buyers expect more for their money. They don't want to take on the costs of 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 turnkey home instead.
So, yes, year-over-year home 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.
Stay tuned for much more market insight in the weeks and months ahead. In the meantime, please feel free to reach out to our team whenever you're in need of a helpful real estate conversation. We're here to be a resource for you and help you plan for your future.
