August 2025 Madison area condo report

Dane County condo prices were lower for 2 out of 3 measures in August, as inventory continued to grow. Here's our transparent view of the August Madison area condo market, along with our year-to-date review of the first 8 months of the year. 

Note all of our statistics are sourced from the South Central Wisconsin MLS database. 

Dane County condo prices 

August Dane County condo prices

• The price per square foot increased from $229 in August of 2024 to $230 in August of 2025, up 1 percent. 
• The median price decreased from $321,250 to $317,250, down 1 percent.  
• The average price decreased from $372,564 to $360,878, down 3 percent. 

Year-to-date condo prices through August

• The price per square foot grew from $228 in the first 8 months of 2024 to $236 in the first 8 months of 2025, an increase of 3 percent. 
• The year-to-date median price grew from $307,000 to $328,900, up 7 percent.  
• The year-to-date average price grew from $342,261 to $368,399, an increase of 8 percent. 

Some notes on prices

Notice from the graph above that the condo price per square foot in 2025 (the orange line) has been tracking closely these last 3 months with the price per square foot in 2024 (the black line). As inventory has been growing here in Madison and Dane County, the growth in prices has been moderating. Here's more perspective on some of the recent trends we've been observing in the Madison area real estate market. 

New condo listings 

A total of 160 Madison area condos were listed for sale in August, which was up 11 percent from the 144 listed for sale in August of 2024. Through the first 8 months of the year, Dane County condo listings are up 3 percent from the year before. 

Accepted offers

Although condo listings increased, accepted offers decreased in the month of August. A total of 106 Dane County condos went under contract last month, down 13% from the 122 accepted offers the year before. Year-to-date through the month of August, accepted offers are up 1 percent from the first 8 months of 2024. 

Madison area condo inventory

Dane County condo supply (listings without accepted offers) continues to steadily increase. As of September 7th, 299 condos were available for sale, up 40 percent from the 214 condos a year ago, and up 141 percent from the 124 condos two years ago. The 299 condos available right now is the equivalent of 2.5 month of supply. Rising inventory is creating a more balanced condo market, with buyers and sellers negotiating on a more level playing field here in Dane County. 

Competing offers

As Dane County condo supply has grown, competing offers have lessened, and are now trending below pre-pandemic levels. According to our preliminary numbers for offers written in the month of July, 15 percent of all contract signings involved multiple offers. Compare this to: 

• 33 percent in July of 2024 (black line in chart below) 
• 50 percent in July of 2023 (green line in chart below) 
• 28 percent in the July of 2019 pre-pandemic market (blue line in chart below) 

Note from the chart below that competing offers follow a seasonal pattern each year, peaking in the springtime, followed by a steady decline all the way into the month of December. This means the second half of the year is a good time to be in the market for a condo, for anyone hoping to buy with less competition in Dane County.  

Days on market

Condo marketing times are increasing as the supply of Dane County condos continues to grow. The average days on market in August was 34 days, up from 17 days a year ago. Although growing, marketing times are still low compared to most other years this century (see the chart below).

Through the first 8 months of the year, the average days on market was 34 days, up from 19 days through the first 8 months of 2024. 

Dane County condo sales 

A total of 138 Madison area condos sold (closed) in August, up 8 percent from 128 in August of 2024. Through the first 8 months of 2025, condo sales are up 6 percent from the first 8 months the year before. 

Expired listings

More condo listings are expiring in 2025, which is a sign that we're trending toward a more balanced condo market. A total of 143 Madison area condo listings expired without selling through the month of August, up 39% from the 103 the year before. Although expired listings are increasing, they are still low by historical standards. 

The big picture

With improving inventory and lower mortgage rates, this fall offers buyers an opportune time to find the right condo and negotiate fair terms and a reasonable price. Sellers, on the other hand, should focus on addressing smart repairs and updates, staging with the help of a professional, and pricing the condo right for the market. 

Call us whenever you have questions about buying or selling a condo in the Madison area. We're here to be a resource for you, and never with any sales pressure or spin.