Market Updates

Articles about the Dane County and Madison Real Estate Market

Found 113 blog entries about Market Updates.

Accepted offers and home sales were lower compared to last year, but September was still a very active month for the Madison area real estate market. Remember, the normal seasonality of our market was disrupted by the pandemic in 2020, which makes year-over-year comparisons tricky. With this update we'll help you make sense of our fall market while giving you plenty of historical perspective.

Dane County single family home accepted offers

Accepted offers decreased by 12 percent from a year ago, but don't let that fool you. Buyers have been very busy this fall. A total of 521 homes went under contract in September. Excluding September of 2020, last month was the most active September on record. The next highest September on record was September of

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Earlier this year, CBS Morning News aired a feature story on how some people are choosing to move away from their hometowns that are impacted by heat, drought, wildfires, hurricanes, or rising sea levels.  

The story referred to people who relocate for climate reasons as "climate refugees" who are in search of their own "climate haven". According to one source in this story, the climate havens in the United States are located in the Upper Midwest and the Great Lakes Region.

The city of Madison was specifically mentioned as a climate haven because it is relatively free from natural disasters. It was also noted as a desirable place to live due to its reputation for having good schools, good healthcare, an abundance of outdoor and recreational

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Are you putting off your home-buying plans until the market becomes less competitive? You could end up waiting a long time. We anticipate 2022 will be extremely competitive for Madison area home and condo buyers, much like the market we've experienced in 2021. 

Our rationale?

The percent of listings receiving multiple offers right now is off the charts compared to prior years, which suggests to us that there is still a very large pent up demand for real estate in the Madison area. Here's some historical context:

2019

The chart below shows the month of April was the most competitive month for home buyers in 2019, with just under 36% of all single family listings receiving multiple offers. Up until 2019, this was a pretty typical pattern, with

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We've been hearing a lot of chatter in the Madison area realtor community about a slower real estate market -- and one that's possibly shifting -- but all of the data we are viewing right now shows a market that is normal and expected for this time of year. 

Single family homes

Take single family homes, for example. If we go back to the pre-covid era (2019), we see Madison area buyers were very busy during the first half of the year, and then became less active as the year progressed. As far as seasonality goes, this was a pretty typical year for our (pre-covid) market. 

Madison WI Accepted Offers 2019

In 2020, the normal seasonality of our market was disrupted by the arrival of the COVID pandemic in March. Buyers were less active in the spring, and much more active in the

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Madison area condo prices continued to reach new highs in the month of July. Here's our latest Dane County condo report covering prices, inventory, days on market, and more. 

Dane County condo prices

Dane County condo prices set a new record last month, increasing by 7% from July of 2020. Year-to-date prices were up 14% compared to prices through the first seven months of last year.

Madison WI Condo Prices July 2021

Accepted offers

Condo buyers were extremely active in July of 2020 due to the impact of the pandemic on the market. Condo buyers were very active in July of 2021 as well, but accepted offers were lower compared to last year's unusually strong numbers.

Madison WI Condo Accepted Offers July 2021

New MLS listings

New condo listings continued to enter the market at a subdued pace. A lack of supply

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Dane County home prices increased by double-digits for the 5th straight month in July, but we're seeing signs that price growth may be moderating soon. Here's our latest update on the Madison area single family home market. 

Dane County home prices

Dane County home prices increased by 10% year-over-year and by 12% year-to-date. The average July home price was a whopping $419,402, and July was the fifth straight month that the average home price landed above $400,000. However, we do believe price growth will moderate in the months ahead based on some of the trends that we are observing right now. 

Dane County Home Prices July 2021

Percent of sales with competing offers

Our preliminary data through the month of June suggests that the percent of home sales with multiple

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Inventory is increasing across the country and it's rising locally, too. As of this writing, there are almost 600 Dane County single family homes listed for sale on the MLS without an accepted offer. Earlier this spring, during the height of the home buying frenzy, there were only 300 homes available.

Buying a Home in Madison WI

With more homes available for sale, the market is becoming more hospitable for Madison area home buyers. Generally speaking, there are fewer competing offers and fewer bidding wars right now compared to the height of the spring buying season. More opportunities are opening up for buyers who are staying in the game and who are staying committed to their search. 

Are you still searching for your dream home? 

We are here to help you with all of

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June was another profitable month for Madison area condo sellers. Here's our latest update on the Dane County condo market. 

Dane County condo prices

The price per square foot set a new record in June, increasing by 21% year-over-year and by 16% year-to-date. 

Madison WI Condo Prices June 2021

Dane County condo sales

Although prices were high, sales were limited by low inventory. 

Madison WI Condo Sales June 2021

Accepted offers

New contracts were also limited by low supply. 

Madison WI Condo Sales June 2021 

Condo months of supply

Only .7 months of supply were available for sale as of July 16th. The under $300,000 market is especially competitive in Dane County. 

Madison WI Condo Inventory July 2021 

New MLS listings

New listings continued to enter the market at a subdued pace in June. 

Madison WI MLS condo listings June 2021

Days on market

The average days on market

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The numbers for the month of June are in, and once again, it was another very favorable month for Madison area home sellers. Here's our latest update on the Dane County single family home market. 

Dane County home prices

Dane County home prices set a new record for the month -- increasing by 12 percent year-over-year and 12 percent year-to-date. 

Madison WI Home Prices June 2021

Dane County home sales

Sales (or closings) in June were limited due to low supply. 

Madison Home Sales June 2021 

Accepted offers

Despite low supply, accepted offers came in at the second highest total on record. Based on this, we expect strong sales totals in the months of July and August. 

Madison WI Accepted Offers June 2021

Dane County competing offers

The percent of listings receiving more than one offer reached an all-time high in the

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Madison area single family home listings started the year roughly 25% lower than the listing totals from the last several years. But now that our June numbers are in, we're beginning to see signs that more homeowners are deciding to sell as our society opens up with the vaccine roll-out. 

A total of 779 Dane County single family homes were listed for sale in June, which was consistent with the June totals over the last 10 years. We believe this may be a sign of more homes hitting the market in the months ahead. In the last few weeks we've heard from several homeowners who are deciding to sell really soon in order to take advantage of this year's hot market. 

Madison WI New MLS Listings June 2021 

Real estate is now a 12 month season in Dane County

Traditionally, the spring and

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