Market Updates

Articles about the Dane County and Madison Real Estate Market

Found 237 blog entries about Market Updates.

We're beginning to see signs that more people may end up choosing to sell this year, based on our latest review of the Dane County real estate market. As the chart below shows, listings for existing single family homes are up noticeably during the first two months of the year, which is encouraging news for buyers. 

Madison WI Existing Home Listings by Month

If you're someone who is aspiring to buy a home in 2024, this is a great reason for you to stay focused and committed to your search. You just never know when the right opportunity will present itself, and when a little good fortune will come your way. 

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Local home prices continued to move higher in the month of February. Here's our latest update on the Dane County single family home market.  

Dane County home prices 

Madison WI home prices Feb 2024

Home prices in the month of February:

  • The price per square foot increased from $216 to $242 (12 percent).
  • The average price increased from $449,298 to $494,752 (10 percent). 
  • The median price increased from $420,000 to $452,678 (8 percent).

 

New listings

New listings rose for the fourth straight month (an encouraging trend), but still remained well below what our market is demanding. A total of of 459 single family homes were listed for sale on the MLS in the month of February, which was the third lowest total for any month of February this century. 

Madison WI MLS Listings Feb 2024

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Madison area condo prices rose from $202 per square foot in February of 2023 to $235 in February of 2024. That's a 16 percent year-over-year increase. Note these numbers are based on a low number of sales in the month of February. We'll gain a clearer picture of price growth as we accumulate more data throughout the year. 

Dane County condo prices

Madison Condo Prices Feb 2024

New condo listings

A total of 153 Dane County condominiums were listed for sale in February, compared to 100 the year before. Listing activity remains light, but this is a step in the right direction. 

Madison WI Condo Listings Feb 2024

Active condominium listings

"Active" or "available" listings are those that don't have an accepted offer. Although Madison area condo inventory remains tight (with only one month of supply),

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We continue to see encouraging signs in the trends for new MLS listings: 

For the 4th straight month, Dane County single family home listings increased year-over-year. 

Madison WI New MLS Listings Feb 2024

While condo listings increased significantly in the month of February. 

Madison WI New Condo Listings Feb 2024

It's true, the supply of new listings remains low by historical standards, and the market remains very competitive for buyers. But if these trends do keep up, buyers will find more opportunities to purchase in the months ahead. 

Stay tuned for our full reports on the February real estate market, which we'll be releasing real soon. For more recent market updates, check out our market blog. 

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Our review of the MLS home and condo database shows the average Dane County listing sold for .2 percent above the original list price in 2023, while our clients sold for 2.1 percent above the original list.

Mad City Dream Homes Sold to List Price  

Put another way, for the typical $450,000 listing, our sellers net more than $8,500 more toward their bottom line. This is more clear evidence that hiring a professional matters. How your agent prices, stages, markets and negotiates -- all of it matters. Contact us for more info. 

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Our numbers from the South Central Wisconsin MLS database show 24% of all Dane County home and condo listings closed with cash offers in 2023, while our team's performance was 44%.

Mad City Dream Homes Cash Offers

It's more clear proof that the fundamentals -- the pricing, staging, marketing, and negotiation -- matter. Here's more info about our home-selling results. 

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We've run the numbers, and the answer might be a little surprising to you. Our data from the South Central Wisconsin MLS shows 39 percent of all Dane County home and condo listings received multiple offers in 2023. Within our team, 59 percent of all Mad City Dream Homes listings received competing offers. 

Time and time again, we continue to observe more competition leading to higher prices, cleaner offers, and a better return on investment for our clients. For more information, check out our 2023 home-selling results. 

Mad City Dream Homes Multiple Offers

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Madison area condo prices rose from $187 per square foot in January of 2023 to to $212 in January of 2024. That's a 13 percent year-over-year increase. Note these numbers are based on a low number of sales in the month of January. We'll gain a clearer picture of price growth as we accumulate more data throughout the year. 

Dane County condo prices

Madison WI Condo Prices

New listings

January condominium listings entered the market at the slowest pace on record. Only 101 Dane County condos were listed for sale last month. We expect listing activity to remain low (and prices to remain high) for the foreseeable future. A lack of new condo construction in one key reason why the market will remain tight. 

Madison WI Condo Listings Jan 2024

Active listings

Available condominium listings (those

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Madison area home prices continued to move higher in the month of January. Here's our latest update on the Dane County single family home market.  

Dane County home prices

Madison WI home prices Jan 2024

Home prices in the month of January:

  • The price per square foot increased from $211 to $225 (6 percent).
  • The average price increased from $471,524 to $494,110 (5 percent). 
  • The median price increased from $430,000 to $450,000 (5 percent).

 

New listings

New listings rose for the third straight month (a positive trend), but were still very low by historical standards. A total of of 387 single family homes were listed for sale in the month of January, which was the second lowest January total this century. 

Madison WI MLS Listings Jan 2024

Active listings

Active listings (those

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For the first time in a long time, the number of new single family home listings in Dane County has increased for 3 consecutive months. Yes, these are all very modest increases, but it's a trend in the right direction. 

Madison WI new listings Jan 2024

It's important to note that we aren't seeing the same trend with condominium listings. Condo listings remain stuck at historically low levels for a variety of reasons, most notably a lack of new construction. We'll have much more market info to share in our January home and condo updates, coming real soon...

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