Madison area condo market trends for May, 2026

Dane County condo prices were mixed in May, while new listings and accepted offers both increased. Here's our deep dive into the May Madison area condo market. Note: All of our data is sourced from the South Central Wisconsin MLS. 

What questions do you have about buying or selling a condo in the Madison, Wisconsin area? Reach out to one of our condo specialists for a helpful consultation. 

Dane County condo prices 

May Madison area condo prices

• The price per square foot was $242, up 1 percent from $239 in May of 2025.
• The median price decreased from $335,500 in May of 2025 to $320,000 in May of 2026, down 5 percent. 
• The average price increased from $387,679 to $388,745, up a fraction of a percent. 

Year-to-date condo prices through May

• The price per square foot decreased from $238 in 2025 to $234 in 2026, down 1.5 percent. 
• The median price decreased from $325,000 to $310,000, down 5 percent. 
• The average price decreased from $371,063 to $354,779, down 4 percent.  

A few comments about condo prices in early 2026 

Some condos continue to sell very quickly this year and for record-high prices within their association. Conversely, some condos are selling for lower prices while taking longer to find the right buyer. 

One big reason for this is this year's buyers are more selective compared to buyers in previous years. They're more hesitant to take on the costs of repairs and updates when they also consider their monthly mortgage payment, condo fees, and property taxes. However, they're also willing to pay a premium for the condo where all of the repairs and updates have already been addressed for them. 

Also note from the chart above, condo prices are up 57 percent from the 2019 pre-COVID market, and up 115 percent from the most recent market bottom in 2012. If you've purchased a condo in the last 5 to 15 years, you've likely accumulated a significant amount of equity in your investment.

Reach out if you'd like one of our condo experts help you determine how much equity you have in your condo. 

New Dane County condo listings

A total of 189 Madison area condos were listed for sale in May, up 20 percent from the 157 listed for sale in May of 2025. The 189 condos listed for sale last month was the highest May listing total in the last 5 years.

Through the first 5 months of the year, condo listings are up 12 percent from the year before. This is a healthy development for our market -- one that is leading to better selection for condo buyers. 

Accepted offers

A total of 150 Dane County condos went under contract in May, up 6 percent from the 141 contract signings in May of 2025. Through the first five months of the year, accepted offers up 5 percent from the year before. 

Dane County condo supply

As of June 9th, a total of 253 Madison area condos were available for sale (without an accepted offer), up from the 198 condos at the same time last year. Right now Dane County has the equivalent of 2.2 months of condo inventory, which is about 1.5 months higher than the supply levels during the hyper competitive pandemic market.

The trend toward increasing condo supply is a healthy development that is creating more options for first-time buyers and downsizing Baby Boomers in a tight market. We would love to see this trend continue as Dane County's population continues to grow. 

Note the seasonality of condo supply in the chart below. Condo supply will increase throughout the summer and into the fall season (as it does every year), creating more opportunities for buyers who remain patient and persistent with their search. 

Competing offers

Competing offers are trending lower in 2026. According to our preliminary numbers for the month of April: 

• 25 percent of all Dane County condo contract signings involved multiple offers in April of 2026.
• In April of 2025, the percentage was 37 percent. 
• In April of 2024, the percentage was 49 percent. 
• In April of 2023, the percentage was 54 percent. 

We view the trend toward less competition as a healthy one, one that ultimately creates more opportunities for buyers who have been struggling to purchase the right condo in Dane County's tight market. 

Expired condo listings

A growing number of condo listings are expiring without selling in 2026. A total of 146 Dane County condo listings expired through the month of May, up from just 56 condo listings last year.

Condo buyers are more selective this year, and the market is trending toward more balance. For condo sellers, this means the fundamentals of proper pricing, staging, and marketing are essential for achieving a successful sale in 2026. 

Condo days on market

The average days on market in May was 27 days, down from 37 days in May of 2025. Year-to-date, the average DOM was 38 days, up from 37 days a year ago. 

Dane County condo sales

A total of 149 Madison area condos sold (closed) in May, down 15 percent from the 175 sales in May of 2025. Year-to-date sales are down 4 percent from last year. We do expect June sales to increase based on the number of condos that went under contract in April and May. 

What questions do you have about this year's condo market? 

If you're planning to buy or sell a condo in 2026, we encourage you to reach out to one of our condominium specialists. We'll help you make good decisions and create a solid plan that addresses all of your condo goals.