Madison area home prices continued to rise in November, and by all measures.
- The price per square foot grew from $228 in November of 2023 to $243 in November of 2024, up 7 percent.
- The average price grew from $496,203 to $519,471, an increase of 5 percent.
- The median price grew from $430,000 to $469,000, a jump of 9 percent.
New MLS listings
November was a slower month for new single family home listings, bucking the recent trend of more homes hitting the market. A total of 252 Dane County homes were listed for sale in November, down from the 276 homes in November of 2023. Our feeling is some people were feeling a little uncertain about their real estate plans due to the recent elections. We do believe listing activity will pick up once again on the other side of the holidays.
Dane County home supply
Inventory levels continue to trend higher compared to the year before. As the chart below shows, inventory on December 11th is up 18% compared to the same day last year.
Accepted offers
November was a positive month for accepted offers. A total of 286 Dane County homes went under contract in November, up 14% from November of 2023, and up 8% from November of 2022.
Dane County home sales
Home sales (or closings) were relatively even with the sales totals from each of the last two years. A total of 385 Dane County homes sold in November, compared to 387 in November of 2023, and 366 in November of 2022.
Competing offers
According to our preliminary numbers for the month of October, 31% of all contract signings involved multiple offers, below the 35% from October of 2023. As you can see from the chart below, competing offers are moderating somewhat in 2024, but are still occurring much more often than in the pre-pandemic market.
Cash offers
Cash offers are trending lower in 2024, too, which is a healthy development for our market. Eleven percent of the closings in November were cash sales, compared to 22 percent the year before. Buyers with traditional financing are able to more effectively compete in this year's market.
Days on market
Although still quite low, marketing times are increasing, which is another healthy development for our market. The days on market in November was 34 days, which was the highest for any November in the last 5 years.
Stay tuned for our November Dane County condo report, coming real soon.
