Madison area condo prices continued to rise in November, and by all three of our statistical measures.
- The condo price per square foot grew from $217 in November of 2023 to $225 in November of 2024, up 4 percent.
- The average condo price grew from $313,410 to $342,417, an increase of 9 percent.
- The median condo price grew from $270,000 to $306,500, a jump of 14 percent.
New condo listings
November was a slow month for Madison area condo listings. Only 70 Dane County condos were listed for sale in November, down from the 85 condos in November of 2023. Our feeling is some people were feeling a little uncertain about their real estate plans due to the recent elections. We do expect listing activity to pick up once again in early 2025.
Dane County condo inventory
Madison area condo supply always decreases each December, and then increases once again on the other side of the holidays. This year is no exception. Note, however, that condo supply is much more plentiful right now than it was at the same time last year. This is a positive trend for buyers who are getting ready to make their purchase in the new year.
Accepted offers
Buyers were active last month. A total 91 Dane County condos went under contract in November, which was higher than both the 75 in November of 2023 and the 78 in November of 2022.
Dane County condo sales
Condo sales (or closings) also edged higher. A total of 106 Madison area condos sold last month, compared to 90 in November of 2023 and 96 in November of 2022.
Competing offers
More condo supply in the Madison area has led to less competition. As you can see from the chart below, the percent of condo listings receiving multiple offers is down from 2023, but still trending above pre-pandemic levels.
Cash offers
Cash offers continue to be quite common in the Dane County condo market, and well above pre-pandemic levels.
Days on market
Marketing times are increasing in the Madison area condo market, which is a sign of a market trending toward more balance. The average days on Market in November was 39 days, which was the highest for any month of November in the last 5 years.
What are your real estate goals for 2025?
Contact your favorite Mad City Dream Homes realtor for a helpful consultation. We're here to help you make good decisions and develop a solid plan for the new year.
