The new year is upon us, which means it's time for our 2021 real estate predictions. Below we've identified 7 key real estate trends for the coming year, many of which have been shaped by the tumultuous events of 2020. For a look back at last year's predictions, check out this article from our blog. 

Our 2021 Madison real estate predictions

#1: Mortgage rates will remain historically low for the whole year. 

The Federal Reserve has indicated it's committed to doing what it can to keep mortgage rates low for the foreseeable future. If this holds true, this means rates for a 30-year mortgage should be around 3 percent for all of 2021. 

#2: Home and condo sales will be at or above the levels from 2020. 

Low mortgage rates will fuel a

The Madison area condo market continues to be very active as we approach the new year. Here's our latest report on the Dane County condo market, covering the month of November, 2020. 

Dane County condo sales

Madison area condo sales jumped 14% in November and set a new record for the month. Even though we're in the midst of the holidays, many buyers are motivated to make a purchase before the end of the year. 

Accepted offers

Accepted offers increased 21% in November and established a new record for the month, too. We're expecting a high number of closings in December and January based on the large number of buyers writing offers in November.  

Madison area condo prices

Dane County condo prices reached a new high for the month

November was another record-setting month for the Madison area single family home market. Here's our latest Dane County home report covering the month of November, 2020.

Dane County home sales

Madison area home sales set a new record for the month, increasing by 13% year-over-year and 6% year-to-date.  

Accepted offers

Accepted offers also set a new record for the month, increasing by 9% year-over-year. A high number of accepted offers in November will lead to strong sales totals in December and January. 

Months of supply and percent of listings under contract

Right now there are only .8 months of single family home supply available for sale on the MLS, while over 49% of all listings are under contract (a very high percentage

The holiday season has arrived, so it’s time to reflect on last year’s real estate predictions before we share our predictions for the coming year. As you’ll see below, our crystal ball was accurate with a few of our 2020 real estate predictions and off the mark with a few others.

Where our crystal ball got it right

Last year we predicted historically low mortgage rates and housing inventory, which have proven to be true. We predicted confusing and contradictory messaging about the economy and the market, which has also been on the mark. Last, we summed up our predictions by saying more consumers would seek the advice of full-service, real estate professionals. Based on our experience, this has also been true. We’ve served more buyers and

November and December are typically the two slowest months for real estate in the Madison area. Of course, this year has been anything but typical.

Although buyer activity does tend to slow during the holidays, we're still sensing strong interest from local buyers for this time of year. For example, check out the chart below, which compares the number of new monthly visitors to our website compared to the same month of the previous year. 

So far, through the first 23 days of November, our website traffic is up 20% from last year. If we use the number of new visitors to our website as a proxy for buyer interest, then interest in Madison area real estate is quite high for this time of year. Despite all of the political chaos and uncertainty in

The Dane County real estate market continued to exceed all expectations in the month of October. Here's our latest summary of the Madison area real estate market, for both single family homes and condos. 

Home and condo sales

Dane County single family home sales set a new record in October, increasing by 37% from last October, and by 5% year-to-date.

Condo sales nearly reached an all-time high. Closings increased by 30% in October and by 10% through the first 10 months of 2020.

Accepted Offers

Single family home accepted offers set a new record for the month of October. Based on this forward-looking indicator, we expect home sales to set a new record in the month of November, too.

Accepted offers for condominiums also set a

September was a great month for Madison area home and condo sellers, as the Dane County real estate market set a number of new records last month. Here's our short summary of the latest market trends from the month of September. 

The Madison area single family home market

New MLS listings increased by 16% in September and reached their highest level since 2008. 

Buyers responded to the new supply of listings by writing a record number of offers. Accepted offers increased by 27% year-over-year and set a new record for the month of September. 

Home sales also reached a new high and increased by 40% from last September. 

Madison area home prices set a new record last month, increasing by 9% year-over-year. 

The Madison area

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