Madison area home prices continue to reach new highs in October

Posted by Dan Miller, REALTOR on Wednesday, November 10th, 2021 at 4:46am.

October was yet another record-setting month for the Dane County single family home market. Here's our latest update covering all of the most important trends. 

Dane County home prices

Madison area home sellers continue to lock in record-high prices this fall. The average price per square foot rose by 14% from last October and by 12% over the first 10 months of the year. The median price was up by 6% in October, and the average price up by 4%.  

Madison WI home prices October 2021

Dane County home sales

Madison area home sales decreased 13% from last October's record-setting pace. Even so, sales were very strong from an historical perspective, registering the second highest total on record for the month. 

Madison Home Sales October 2021

Accepted offers

Contract signings were also very strong in October. Although accepted offers decreased 13% from last October, they did come in at at the second highest total on record for the month. 

Madison WI Accepted Offers October 2021 

New MLS listings

New MLS listings continued to enter the market at a slow pace in October. Listings were down 12% year-over-over and 3% year-to-date. A lack of fresh housing supply will lead to plenty of competing offers and more record-high prices in the months ahead. 

Madison WI MLS Listings October 2021

Dane County inventory

As of November 8th, there are only 479 homes without accepted offers across the whole county, and only .8 months of supply. Both of these numbers are very low for this time of year. The number of listings under contract (50%) is very high. Conditions are ripe for more price appreciation in the months ahead.  

Madison WI Home Inventory November 2021

Competing offers

Our preliminary data for the month of September shows the percentage of listings receiving multiple offers continues to set new records this fall. We expect competing offers to increase significantly early next spring, as it typically does according to the normal seasonality of our market. Because of this, we're encouraging all of our buyer clients to consider buying a home this winter, before the hyper-competitive spring market kicks in.  

Madison Competing Offers September 2021 

Days on market

The average days on market rose to 22 days in October, which was still a record low for the month. 

madison wi days on market october 2021 

How does the fall market impact you and your real estate goals? 

Please reach out to your preferred Mad City Dream Homes realtor for a helpful conversation. We're here to help you accomplish all of your real estate dreams and goals -- any time of year, and in any type of market. 

This article is published courtesy of:
Dan Miller, REALTOR
Mad City Dream Homes & RE/MAX Preferred
1619 Monroe Street #1, Madison, WI, 53711

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