Dane County condo prices were mixed last month. We don't see this as a sign of falling prices. Rather, it's a reflection of a small data set. The months of January and February traditionally have a low number of closings. Prices at the beginning of the year can experience large swings with either a few high-priced or low-priced sales.
Here's our full report on the Madison area condominium market.
Dane County condo prices
The price per square foot decreased, while the average and median price increased.
- The price per square foot decreased from $228 in February of 2024 to $218 in February of 2025, a drop of 5 percent.
- The average price jumped from $325,685 to $330,840, an increase of 2 percent.
- The median price grew from $290,000 to $303,750, up 5 percent.
We expect condo prices to rise throughout 2025, based on current supply and demand trends (see below).
New condo listings
A total of 138 Dane County condos were listed for sale last month, down 12 percent from the 156 condos listed for sale a year ago.
Condo accepted offers
A total of 107 Dane County condos went under contract in February, essentially even with the 106 contract signings in February of 2024.
Available condo supply
The number of available condo listings (those without an accepted offer) continues to improve compared to previous years, which is a healthy development for our market. Some newer developments have helped to increase the supply of condos in Dane County.
A total of 190 Dane County condominiums were available for sale on March 14th, which was up from our March snapshots from each of the last 3 years. Still, we have only 1.6 months of supply available for purchase in the Madison area. We will need to continue to grow our condo supply in order for prices to moderate in the years ahead.
Note from the chart below that available listings follow a seasonal pattern. Inventory is lowest during the first half of the year when buyer competition is highest. Supply is highest during the second half of the year when fewer buyers are out searching for a condo.
Days on market
The average days on market for a sold condo in February was 42 days. Improving supply is moving the average marketing time higher. Still, the amount of time it takes to sell a condo remains very low when compared to most other years this century.
Dane County condo sales
A total of 86 condos sold (closed) in February, which was the highest February sales total since 2001. Buyer demand for Dane County condos remains strong.
What to expect from the spring condo market
The Madison area condo market will continue to be very competitive due to strong demand and the slow pace of new construction condos entering the market. Many buyers are patiently waiting for the right condo to become available.
When the right property does become available, we are seeing buyers write very strong offers. We fully expect Madison area condo values to rise this year based on all of the trends we are tracking and our day-to-day work in the field.
