Dane County condo values continue to rise in the new year, and the market is already very competitive in early 2025. Here's our latest update on the Madison area condo market.
Dane County condo prices
The price per square foot rose from $212 in January of 2024 to $225 in January of 2025. Note from the chart below that Madison area condo prices have more than doubled since the most recent market bottom in 2012.
New condo listings
A total of 126 Dane County condos were listed for sale in January, up from the 107 listings a year ago. In the bigger picture, listing activity continues to trend along historically low levels. We fully expect our growing population and a lack of fresh condo supply will lead to more price appreciation in the year ahead.
Dane County condo inventory
As of February 8th, 164 Madison area condos were available for sale (without an accepted offer), which is double the 82 available condo listings at the same time last year. Some newer condo developments have helped to increase supply, making it easier for some buyers to purchase a condo without any competing offers. In the big picture, condo supply remains low. Right now we have the equivalent of just 1.5 months of inventory available for purchase in Dane County.
Accepted offers
A total of 97 Dane County condos went under contract last month, which was a moderate increase from each of the two last Januarys. Low supply continues to limit accepted offers in the Madison area.
Competing offers
We're seeing some encouraging signs with competing offers in the condo market:
#1) Improved supply has led to a decrease in the number of listings that receive multiple offers (see the gap between the black line and the green line in the chart below).
#2) Competing offers are also approaching pre-pandemic levels (see the gap between the black line and the blue line).
Another trend worth noting is the seasonality of competing offers. Competing offers are always most common during the first 6 months of the year, and typically peak in the months of March and April.
Days on market
The average days on market in January was 46 days, which was the highest for any month of January since 2020. From an historical perspective days on are market are still quite low and a reflection of our low supply market.
Dane County condo sales
A total of 77 Dane County condos sold (i.e. closed) in January, up from the 64 sales in January of 2024 and the 66 sales in January of 2023.
What to expect from the 2025 Madison area condo market
We're expecting continued strong demand and strong prices in the Dane County condo market. Existing condos will continue to sell very quickly, while sales of newer construction units will occur at a more subdued pace. These new units will sell, though, and we'll need more new construction condominiums to take their place.
