We're getting asked this question a lot these days, and here's our take: Although there are no guarantees about the state of the market in 2021, we do know the Madison area real estate market is very favorable for sellers right now. Here's what we're seeing in the market as we approach the month of October. 

The fall real estate market in Madison, WI

For starters, mortgage rates are historically low, and buyers are buying. Dane County home buyers are writing offers at a much faster pace right now than they were during the same time period in 2019. 

Dane County home prices are trending favorably for sellers, too. Many properties are receiving multiple offers right now and selling for well above the list. Home prices are on pace to set

The Madison area real estate market continues to be very active at a time of year when listings and sales are typically slowing down. Here's a quick overview of the latest home and condo trends in Dane County. 

Dane County condo trends

New condo listings increased by 15% in the month of July, and buyers have responded by gobbling up the new supply. Accepted offers increased by 17% in July and 43% in August. As you can see from the graph below, AOs are trending much higher as we enter the month of September.  

Dane County single family home trends

The Madison area single family home market has also been very active. New single family home listings increased by 10% in July, and a record number of homes were placed under contract in July

It's been a crazy year to the say the least. A global pandemic. Political chaos. And economic uncertainty. Despite all of the chaos, the competition for Madison area real estate is at an all-time high in 2020. According to our latest review of MLS data, 34% of all Dane County home listings received multiple offers through the month of June. This is up from the previous high of 33% in 2018, and up from 26% in 2016, when we first started tracking this statistic. 

How competitive is the market by price range? 

Here's how the numbers shake out:

The very high number of competing offers this year shows there's a lot of pent-up demand for real estate in the Madison area. A lot of buyers are writing offers this year, and a lot of those buyers

The month of July is almost in the books, and our latest market snapshot shows Madison area home and condo prices keep on rising. As of July 26th, Dane County home prices were up 6% year-over-year and condo prices were up 3%. 

How much is your home worth right now?

We can help you understand your home or condo's current market value and recommend a few simple cosmetic updates that buyers will love, too. Just reach out to your preferred Mad City Dream Homes agent to schedule a short consultation. We'll help you prepare for a successful sale and eliminate much of the stress that so many sellers are experiencing in this year's COVID-19 market. 

For more information on local real estate prices, here's our July 26th snapshot

Madison area home

Dane County condo buyers were very active in the month of June as local condo prices continued to rise. Here's our latest snapshot of the Madison area condo market:

Accepted offers were up big-time in the month of June.

A total of 205 condo contracts were written in June, which was up 23% from last year. On a year-to-date basis, accepted offers are down by 1% from the first 6 months of 2019. 

This chart shows accepted offers by week. As the graph shows, new contracts decreased significantly in April, and then started trending higher in May and June. 

Condo prices rose once again in June. 

The June price per square foot was the highest on record. 

Condo sales increased by 8% in June. 

Madison area condo sales were lower by

June was another strong month for real estate in the Madison, Wisconsin area. Here's our quick summary of how the Dane County single family home market performed last month. 

Madison area home prices increased 4% year-over-year and 5% year-to-date. 

The price per square foot reached a new high in the month of June. 

New MLS listings were lower by 14% during the month and 14% year-to-date. 

A lack of fresh supply is benefiting home sellers in 2020. June listings were at their lowest level since 2011. 

This graph shows new listing activity by week for the first 6 months of the year. MLS listings have been trending lower since the end of March. 

Despite low inventory, buyers were very active in the month of June. 

The number

The Madison area condo market continues to be a great market for sellers as we head into the summer sales season. Here's our newest update on the Dane County condo market with all of the latest trends updated through the month of May. 

Madison area condo prices are at all-time highs.

The condo price per square foot jumped to $160 in May, which was up 4% from last year. 

Condos are selling quickly.

The average days on market in May was just 36 days, which was a record low for the Dane County condo market. 

New condo listings continue to enter the market at a slow pace.

Dane County condo listings decreased by 37% in April and 19% in May. 

A high percentage of the listings are under contract and closing soon. 

As of June

Even though there's so much turbulence in the world around us, many Madison area home sellers are experiencing a tremendous amount of success in this year's low inventory market. Here's our quick snapshot of the Dane County single family home market - updated through May, 2020.

Madison area home prices are at record highs.

The May price per square foot increased by 4% year-over-year and 5% year-to-date.

Marketing times are near historic lows.

The average of 28 days on market was the second lowest on record for the month of May.

New MLS listings are entering the market at a slow pace. 

New listings were down 33% in May and were lower by 15% year-to-date.

Months of supply are low.

Inventory is low, and especially so for

Here's a quick look at the Madison area real estate market for the month of May. This preliminary market info is based on our snapshot taken on May 26th. We'll report on the full month of May once all of the final numbers are available in the month of June. As you can see from the updates below, inventory is much lower this year, and as a result many homes are selling very quickly and for high prices. 

New MLS listings continue to enter the market at a slow pace. 

New single family home listings have been trending much lower since the end of March. Low supply has created a very competitive market for buyers this spring. 

Properties priced under $350,000 are very hot. 

As of May 26th, well over 50% of the single family homes priced under

Our latest condo report shows why it's still a very strong sellers' market in many price points and locations throughout Dane County. Buyers and sellers who take the time to understand these trends and consult with a professional will be well-equipped to make good decisions in the year ahead. 

Madison area condo market trends for April and early May, 2020

Here are the latest Dane County condo market trends, with new information from the months of April and May.

Some condo owners are postponing their plans to sell. 

As you can see from the graph below, April condo listings decreased by 37% year-over-year. Fewer listings means fewer condos will be sold in the months ahead. At the same time we expect the condo market to remain very