Madison area condo prices continued to move higher in the month of April. Here's our latest update on the Dane County condo market.
Dane County condo prices
The price per square foot increased from $210 in April of 2023 to $229 in April of 2024. That's a 9 percent increase year-over-year. Through the first 4 months of the year, the price per square foot is up 12 percent.
MLS condo listings
New condo listings edged higher in the month of April, and are up by 15 percent through the first 4 months of the year. In the bigger picture, listing activity remains low compared to most other years this century.
Accepted offers
A few more condos went under contract in the month of April, but were low compared to most other years dating back to the year 2000.
Inventory
Our local supply of condos has been growing in 2024, with inventory this May well above the levels from May of 2023 and May of 2022. As of May 7th, inventory has grown to 1.4 months of supply.
Several new developments have improved selection throughout the county, including:
Competing offers
There's still plenty of pent up demand for Madison area condos, as competing offers continue to occur much more often than in the pre-pandemic market.
Cash offers
Cash offers are also more common than in the pre-pandemic market, which is another sign of pent-up demand.
Days on market
Historically low marketing times are yet another sign of a competitive market.
Dane County condo sales
With supply increasing, condo sales moved higher in April, too.
What to expect for the rest of 2024
We're expecting Madison area condo sales to increase moderately in 2024, as the supply of condominiums shows signs of improving. We expect prices to grow, too, due to plenty of pent-up demand.
