Spring market conditions continue to be very favorable for sellers as prices continue to rise throughout the Madison area. Here's our latest single family home update, covering the month of April, 2023.
Dane County home prices
The price per square foot increased to $227, up 6 percent from the year before. The median price grew to $440,000, an increase of 4 percent. While the average price jumped to $508,022, an increase of 9 percent.
New MLS listings
A limited supply of new listings is the biggest reason why prices keep rising in the Madison area. New MLS listings were down 30% in April and by 25% year-to-date.
Active listings
Although active listings (those without an accepted offer) have risen slightly year-over-year, they still remain very low from an historical perspective.
Competing offers
The percentage of listings receiving competing offers reached a new high for the month of March, according to our preliminary review of the March data. We're expecting the competition for Madison area real estate to remain strong for the foreseeable future, too.
Days on market
Days on market continue to trend just slightly above historical lows.
Accepted offers
Contract signings were the second lowest on record for the month, and were down by 27% year-over-year.
Dane County home sales
Madison area home sales continued to trend along the lowest levels we've seen in the last 10 years.
Looking ahead
Many people are waiting for prices to fall before they jump into the market, and prices are beginning to decrease in some parts of the country. But we don't see prices falling in the Madison area anytime soon. There are just too many factors at play that suggest more price appreciation in the year ahead.
