Here's our latest single family home report, covering all of the latest trends in Dane County. First, we begin with home prices.
December 2024 home prices
Madison area home prices were up significantly in December, and were significantly higher for the entire 2024 sales year, too.
December prices
- The price per square foot rose from $228 in December of 2023 to $243 in December of 2024, up 6 percent.
- The median price increased from $414,900 in December of 2023 to $441,250 in December of 2024, up 6 percent.
- The average price increased from $466,512 in December of 2023 to $520,112 in December of 2024, up 11 percent.
2024 annual prices
- The price per square foot increased from $225 in 2023 to $241 in 2024, up 7 percent.
- The median price grew from $435,00 in 2023 to $475,000 in 2024, an increase of 9 percent.
- The average price grew from $497,519 in 2023 to $534,699 in 2024, up 7percent.
MLS listings
A total of 156 Dane County single family homes were listed for sale in December, down 22 percent from the 199 listed for sale in December of 2023. For the entire 2024 sales year, MLS listings increased by 6 percent.
We do believe some would-be sellers put their plans on hold due to the contentious election cycle at the end of 2024. Of course we'll keep you posted on how listing activity unfolds as we progress through the new year.
Available inventory
Available listings (those without an accepted offer) have been decreasing as they typically do during the winter season. However, inventory remains noticeably higher compared to each of the last two years. Increasing supply will be the key to controlling price growth and getting more people into homes in 2025.
Accepted offers
A total of 238 Dane County homes went under contract in the month of December, which was up 9 percent from the 219 contract signings in December of 2023. Throughout all of 2024 accepted offers were up 4 percent. We're cautiously optimistic that we'll see this trend continue as more owners decide to sell in 2025.
Competing offers
The percent of single family home listings receiving multiple offers continues to trend well above pre-pandemic levels. Our preliminary report for the month of November shows 27% of Dane County homes received competing offers, compared to 17% in November of 2019. Notice the seasonality of the market in the chart below. Year in and year out, competing offers are highest during the first half of the year.
Cash offers
Cash offers are trending lower, but remain well above pre-pandemic levels, too. In 2024, 17% of all Dane County single family homes were purchased with cash, compared to 10% in 2019. In 2023 the cash offer percentage was 22 percent.
Days on market
Marketing times have been increasing in 2024 which is a sign of a market trending toward more balance. The average days on market was 35 days in December, compared to 23 days in December of 2023.
Dane County home sales
A total of 346 Dane County homes sold via the MLS in December, which was up 16% from the 299 sold in December of 2023. For the entire 2023 sales year, home sales were up 8 percent.
How will Madison area home sales trend in 2025?
This will depend a lot on the supply of new construction homes and how many existing homeowners decide it's time to sell. Check out our real estate predictions for our thoughts on how we expect the market to unfold in the year ahead.
