How are Madison area showings trending in the summer of 2022?

Our buyer traffic data from Showing Time paints a good picture of what's going on in the market right now. Here's a quick overview. 

Aggregate buyer traffic has been decreasing with the rise in mortgage rates. 

Buyer traffic started to decrease in the month of March, as interest rates began to rise. Most recently, showings in South Central Wisconsin decreased 17% in June compared to June of 2021.

As inventory has been rising, individual listings have been receiving less traffic.

Here's how listing traffic has been trending for three popular price points.

$300,000 - $399,999

$400,000 - $499,999

$500,000 - $599,999

Where does the Madison area real estate market go from here? 

As we enter a more balanced market this summer, some sellers will continue to experience multiple offers and bidding wars. But overall, buyers and sellers will realize that they are on a much more level playing field. This means we'll see longer marketing times and more price reductions in the weeks and months ahead. We'll even see more expired listings popping up as sellers learn to adjust to a new market. 

There's no doubt this will be a season of change for everyone in the world of real estate, so please check in with our blog and our realtor team whenever you need guidance and help. We are here to capably serve you with all of your real estate needs, in every type of market.