Dane County condo prices rose again in June, spurred by low supply and strong demand. Here's our latest update on the Madison area condominium market.
June condo prices
- The price per square foot rose from $218 in June of 2023 to $235 in June of 2024, an increase of 8 percent.
- The average price rose from $342,102 to $361,592, an increase of 6 percent.
- The median price jumped from $314,760 to $325,000, an increase of 3 percent.
Year-to-date prices
- The price per square foot grew from $211 during the first 6 months of 2023 to $227 during the first 6 months of 2024, an increase of 8 percent.
- The average price grew from $327,847 to $336,777, an increase of 3 percent.
- The median price grew from $295,000 to $305,000, an increase of 3 percent.
New condo listings
Some newer condominium developments have arrived to the Madison area condominium market, but listing activity was subdued in the month of June. A total of 153 condos were listed for sale last month, which was the lowest total for any month of June in the last 24 years.
Dane County condo supply
The number of active listings (those without an accepted offer) has been quietly improving in 2024 and is creating more opportunities for buyers this summer. As of July 7th, 174 condos (or 1.6 months of supply), were available for sale in Dane County.
Accepted offers
June contract signings increased slightly from June of 2023, but beyond that were the lowest since June of 2012.
Cash offers
Cash offers continue to be much more common in this year's condo market than in the pre-pandemic market. This is one clear sign of a market with more buyers than sellers in Dane County.
Competing offers
Competing offers continue to be much more common, too -- a second sign of a tight market.
Days on market
Although days on market have grown a little bit, marketing times remain low compared to most other years this century -- yet another sign of a competitive market in Dane County.
Dane County condo sales
A total of 147 Dane County condos were sold last month, which was the lowest total for any month of June in the last 13 years. Low supply, high prices, and higher mortgage rates continue to constrain condo sales in the Madison area.
What to expect for the rest of the summer
The frenzy of the spring home-buying market has come and gone and now we've entered into a market that is a little more relaxed, with a little more inventory, and with a little less competition. Buyers who stay the course will find more opportunities to purchase from sellers who are a little more willing to negotiate.
Do you have questions about buying or selling this summer? We're always happy to help with a no-pressure consultation.
