December 2023 Madison area condo update

Posted by Dan Miller, REALTOR on Wednesday, January 17th, 2024 at 4:40am.

Dane County condo prices ended the year higher in 2023. Here's our latest update on the Madison area condo market.  

Dane County condo prices

Madison WI Condo Prices Dec 2023

Condo prices in the month of December:

  • The price per square foot increased from $195 to $224 (15 percent).
  • The average price increased from $308,754 to $339,868 (10 percent). 
  • The median price increased from $274,500 to $294,950 (7 percent).

Annual price increases (from 2022 to 2023): 

  • The price per square foot increased from $203 to $216 (7 percent).
  • The average price increased from $300,531 to $333,401 (11 percent). 
  • The median price increased from $268,000 to $300,000 (12 percent). 


New condo listings

Only 51 condos were listed for sale in the month of December, which was the third lowest monthly total dating back to the year 2000.  

Madison WI Condo Listings Dec 2023

Active listings

Available condo listings (those without an accepted offer) are very close to the levels from each of the last two Januarys. Only 87 Dane County condos (or just .8 months of supply) were available as of January 15th, 2024. 

Madison WI Condo Inventory Jan 15 2024 

Accepted offers

Accepted offers increased slightly year-over-year. But in the picture, they remain low due to a lack of supply. A total of 70 Dane County condos went under contract in the month December.

Madison WI condo accepted offers Dec 2023

Cash offers

Cash offers are occurring much more often right now than in the pre-pandemic market. This is one clear sign of pent-up demand for Madison area condos. 

Madison WI Condo Cash Offers Dec 2023

Days on market

Historically low marketing times are another clear sign of pent-up demand. The average days on market in December was only 20 days, which was the lowest on record for the month. 

Madison WI Condo Days on Market Dec 2023

Dane County condo sales

December condo sales were the lowest since 2011. A lack of fresh condo supply is limiting the number of sales in Dane County. 

Madison WI Condo Sales Dec 2023

Madison area condo prices will continue to rise in 2024... 

Demand continues to be strong while very few new condominiums are being built. What questions do you have about the condo market in the coming year? Please reach out to us with all of your real estate questions. We're here to be a resource for you, and never with any sales pressure or spin. 

This article is published courtesy of:
Dan Miller, REALTOR
Mad City Dream Homes & RE/MAX Preferred
1619 Monroe Street #1, Madison, WI, 53711

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