Madison area condo report for May, 2025

Dane County condo prices continued to trend higher in May -- across all three of our measures. Here's our transparent look at the Madison area condo market for the month of May, 2025. Note all of our data is sourced from the South Central Wisconsin MLS. 

Dane County condo prices

Three Dane County condo price statistics

• The price per square foot grew from $225 in May of 2024 to $237 in May of 2025, an increase of 6 percent. 
• The average price jumped from $344,513 to $383,712, an increase of 11 percent. 
• The median price grew from $310,00 to $330,000, up 6 percent.  

** A quick note about prices: The condo market can experience large fluctuations in prices from one month to the next, due to the relatively low number of units sold each month. A few high-end or low-end sales can have a big impact and skew the numbers in one direction. For this reason it's important to focus more on price trends over time rather than the prices for an individual month. With this caveat in mind, Madison area condo prices have been trending higher in 2025. 

New condo listings

A total of 150 Dane County condos were listed for sale in May -- the 3rd lowest May total dating back to the year 2000. Even though the number of condos being listed for sale is low, the amount of available supply (listings without accepted offers) continues to grow. We explain why a little later in this report. 

Condo accepted offers

A total of 142 Madison area condos went under contract in May, which was the lowest accepted offer total for any month of May in the last 14 years. This explains why available supply is gradually increasing: The number of condos entering the market each month (150 new listings in May) is higher than the number of condos going off the market each month (142 accepted offers in May). 

Available condo supply 

Madison area condo supply (listings without accepted offers) continues to trend higher compared to each of the last 2 years.  A total of 198 Dane County Condos were available for purchase on June 6th, which is up from 166 condos in June of 2024 and 80 condos in June of 2023. Increasing inventory is a positive trend that we absolutely need for a more balanced market. Still, we have only 1.7 months of condo inventory in Dane County (lower than we'd like it to be, but trending in the right direction). 

Competing offers 

As Dane County condo supply is gradually increasing, the competition for condos is gradually decreasing, and approaching pre-pandemic levels. According to our April 2025 data: 

• 42% of all accepted offers in April involved multiple offers, compared to
• 49% in April of 2024
• 54% in April of 2023
• and 38% in April of 2019 (the pre-pandemic market). 

This trend of fewer competing offers and bidding wars is a positive development and a sign that we're inching toward a more balanced market. 

Days on market

The average Dane County condo took 38 days to sell in May, up from 17 days in May of 2024. As the graph below shows, marketing times are now similar to pre-pandemic levels, but well below historical highs. 

Dane County condo sales

A total of 169 Dane County condos sold in May, up slightly from the 166 sales in May of 2024. This was the highest May sales total since 2021. 

What questions do you have about the market in your condo development? 

Remember, we have hundreds of condo association guides for you to use, which are always updated with the latest sales and price information. Of course we're happy to have a conversation with you, too, when you decide it's time to talk to an expert.