Your property could be worth much more than you ever imagined. Even though interest rates have changed, Madison home and condo prices keep rising in 2018. Here's our summary of the latest trends in the Madison area real estate market.
Madison home prices rose to $154 per square foot through the month of February. This was a record high for our market and a 9% increase from last year.
Madison condo prices also rose to record highs through the month of February.
Prices are rising because demand is strong and housing is in short supply. In February and March, there were only .7 months of single family home inventory in Madison - a rock bottom low for our market.
Condo supply is also very low. Right now there is only 1 month of condo inventory in the city of Madison. The far right column in the table below shows supply is especially tight for condominiums priced under $350,000.
Inventory will remain low throughout all of 2018 because new MLS listings continue to enter the market at a slow pace. Through the month of February, new single family home listings were the lowest on record.
New condo listings are also entering the market at a slow pace.
Days on Market
Low supply and high demand means homes are selling more quickly than ever before.
Likewise, the condo average days on market is also at a record low.
For more market information
Check out our comprehensive home and condo reports. These monthly reports provide more details and cover the latest trends for accepted offers, expired listings, competing offers, cash purchases, and more.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred