Madison area condo prices mixed in December

Here are the latest, unfiltered trends in the Dane County condo market, updated for the month of December, 2024. 

Dane County condo prices

Madison area condo prices were mixed in December, but up across all measures for the entire year. Do the December numbers suggest condo prices will be falling soon? We don't think so. Condo prices are subject to some variability due to the relatively low number of sales that occur each month. In the condo market, a few low-end or high-end sales can have a large impact on monthly prices. For this reason it's important to pay more attention to the overall trend rather than the individual measures in any given month. 

December condo prices 

• The price square foot decreased from $224 in December of 2023 to $221 in December of 2024, a decrease of 1 percent. 
• The median price increased from $294,950 in December of 2023 to $310,000 in December of 2024, an increase of 5 percent. 
• The average price decreased from $339,868 in December of 2023 to $329,743 in December of 2024, a decrease of 3 percent. 

Annual condo prices

• The price per square foot increased from $216 in 2023 to $227 in 2024, an increase of 5 percent. 
• The median price increased from $300,000 in 2023 to $308,000 in 2024, an increase of 3 percent. 
• The average price increased from $333,931 in 2023 to $344,641 in 2024, an increase of 3 percent. 

New condo listings

Dane County condo listings decreased for the second straight month, bucking the trend of increasing listings throughout most of 2024. A total of 50 condos were listed for sale on the MLS in December, down from the 57 condos listed for sale a year earlier. Throughout the course of the entire 2024 year, condo listings were up 14 percent. We'll be monitoring listing activity closely in the year ahead. 

Available condo supply

Available condo listings (those without an accepted offer) remain well above the levels from each of the previous two years. As of January 9th, a total of 164 Dane County condos were available for sale. In the big picture, condo inventory is still quite low. The 164 listings available right now is equivalent to just 1.4 months of supply in Dane County. 

Accepted offers

A total of 71 Dane County condos went under contract last month, down 4 percent from the 74 accepted offers in December of 2023. Contract signings for all of 2024 increased by 5 percent from 2023. 

Competing offers

As the chart below shows, the percent of Madison area condo listings receiving multiple offers has been moderating in 2024 and trending closer to pre-pandemic levels. Improved supply has helped to decrease the amount of competition and bring a little more balance to the market. We'll continue to track competing offers closely in the year ahead. 

Cash offers

Cash offers in the Madison area condo market remain well above pre-pandemic levels. Thirty-four percent of all closings in December were cash sales, compared to just 15 percent in December of 2019. 

Days on market

With more condominium inventory in 2024, marketing times have been rising, a healthy development for our market. The average days on market in December was 50 days, up from 20 days in December of 2023. The average days on market for all of 2024 was 25 days, up from 21 days the year before. 

Dane County condo sales

A total of 92 Madison area condos sold (closed) in December, up 15 percent from the 80 condo sales in December of 2023. For the entire 2024 sales year, Dane County condo sales were up 5 percent. 

What do we expect from the 2025 condominium market? 

We anticipate another competitive market and continued price appreciation in the year ahead. Here's more info. Call us anytime you'd like to discuss your goals for buying or selling your Madison area condo. We'd love to help you.