Here's our update on the Dane County condominium market, covering the month of October, 2024. All numbers are sourced from the South Central Wisconsin MLS.
October 2024 condo prices
Madison area condo prices were relatively flat compared to the year before:
- The price per square foot was even at $223.
- The median price grew from $295,000 to $301,500, an increase of 2 percent.
- The average price rose from $344,161 to $358,852, an increase of 4 percent.
We'll be monitoring condo prices closely in the months ahead.
New condo listings
October was an encouraging month for our local condo market. A total of 150 Dane County condos were listed for sale last month, which was the highest for any month of October in the last 5 years.
Dane County condo supply
As of November 4th, a total of 235 Madison area condos were active on the MLS and available for sale, which is nearly double the number of condos available for sale a year ago. For the first time in a long time, we now have over 2 months of condo supply in Dane County.
Accepted offers
Condo buyers responded to more supply by writing more offers in October. A total of 112 condos went under contract last month, compared to 93 the year before.
Cash offers
Cash offers continue to be a common occurrence compared to the pre-pandemic condo market.
Competing offers
With more condos becoming available for sale, the percentage of listings receiving competing offers is trending closer to pre-pandemic (2019) levels -- a healthy development for our market.
Days on market
The average days on market in October was 37 days, which was higher than the days on market each of the past 3 years. Still, days on market remain low compared to most other years this century.
Dane County condo sales
Sales were lower in October, but we expect November's closing total to rise based on the recent increase in accepted offers.
What should we expect from the condo market in 2025?
Stay tuned for our 2025 real estate predictions, which we'll be releasing in the next few weeks. In the meantime please feel free to reach out to us with your real estate questions. We're always up for talking real estate.
