Madison area condo market trends for September, 2025

Dane County condo prices decreased for all 3 measures (price per square foot, median and average) in the month of September. Here's our comprehensive review of the September Madison area condo market, along with our year-to-date review of the first 9 months of the year. 

Note all of our statistics are sourced from the South Central Wisconsin MLS database. 

Dane County condo prices 

September Dane County condo prices

• The price per square foot decreased from $235 in September of 2024 to $227 in September of 2025, down 3 percent. 
• The median price decreased from $315,000 to $300,000, down 5 percent.  
• The average price decreased from $365,101 to $353,862, down 3 percent. 

Year-to-date condo prices through September

• The price per square foot grew from $229 in the first 9 months of 2024 to $235 in the first 9 months of 2025, an increase of 3 percent. 
• The year-to-date median price grew from $309,900 to $325,900, up 5 percent.  
• The year-to-date average price grew from $344,902 to $366,967, an increase of 6 percent. 

Some notes on prices

Notice from the graph above that the condo price per square foot in 2025 (the orange line) has been trending lower over the last 4 months. As inventory has been growing here in Madison and Dane County, the growth in prices has been moderating. Here's more perspective on some of the recent trends we've been observing in the Madison area real estate market. 

New condo listings 

A total of 153 Madison area condos were listed for sale in September, which was up 16 percent from the 132 listed for sale in September of 2024. Through the first 9 months of the year, Dane County condo listings are up 4 percent from the year before. 

Accepted offers

Although condo listings increased, accepted offers came in essentially even with the total from last September. A total of 108 Dane County condos went under contract last month, up by one from the 107 accepted offers the year before. Year-to-date through the month of September, accepted offers are up 1 percent from the first 9 months of 2024. 

Expired listings

More Dane County condo listings are expiring in 2025, which is a sign that we're trending toward a more balanced condo market. A total of 48 Madison area condo listings expired without selling in September, up from the 19 expired listings in September of 2024. Through the first 9 months of the year, 191 condo listings have expired without selling, up 57% from the 122 listings the year before. Although expired listings are increasing, they remain relatively low by historical standards. 

Madison area condo inventory

Dane County condo supply (listings without accepted offers) continues to trend higher compared to the previous two years. As of October 6th, 294 condos were available for sale, up 28 percent from the 229 condos a year ago, and up 135 percent from the 125 condos two years ago. The 294 condos available right now is the equivalent of 2.5 month of supply. Rising inventory is creating a more balanced condo market, with buyers and sellers negotiating on a more level playing field in our fall real estate market. 

Competing offers

As Dane County condo supply has grown, competing offers have decreased, and are now trending well below the levels we experienced in the COVID market. According to our preliminary numbers for offers written in the month of August, 21 percent of all contract signings involved multiple offers. Compare this to: 

• 29 percent in August of 2024 (black line in chart below) 
• 38 percent in August of 2023 (green line in chart below) 
• 22 percent in the August of 2019 pre-pandemic market (blue line in chart below) 

Note from the chart below that competing offers follow a seasonal pattern each year, peaking in the springtime, followed by a steady decline all the way into the month of December. This means the second half of the year is a good time to be in the market for a condo, for anyone hoping to buy with less competition in Dane County.  

Days on market

The average days on market in September (days from listing date to accepted offer) was only 23 days, the same as last year. Year-to-date through the month of September, the average was 33 days, up from 20 days a year ago. 

Dane County condo sales

Madison area condo sales (closings) were lower in September, due to a lower number of accepted offers in August. A total of 102 Dane County condos sold in September, down from 125 sales in September of 2024. Year-to-date through the first 9 months of the year, condo sales are up by 3 percent. 

What the trends mean for Madison area buyers and sellers

We're trending toward a more balanced condo market here in Dane County, with buyers and sellers playing on a more level playing field now that inventory has risen off of rock-bottom lows. Each sale is unique, but in many cases buyers have more condos to choose from, and more ability to negotiate, than the buyers in the over-heated COVID market. 

Sellers, therefore, should adjust expectations accordingly and focus on the fundamentals. Smart pricing, smart repairs and updates, beautiful staging, and comprehensive marketing are all important factors for each seller to consider in our new market. 

Call us with your questions. It would be our pleasure to learn more about your goals and offer you our honest and professional advice.