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. 

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

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. 

Active listings

Available condominium listings (those

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

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. 

Active listings

Active listings (those

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. 

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...

Let's have a quick look at the numbers: Last year, Dane County's population grew by almost 8,000 people, and yet we built just under 1,300 homes. This is a very familiar pattern in Dane County. As the chart below shows, new home construction has been subdued for the last 18 years, even though our county has consistently ranked as one of the fastest-growing regions in the state. 

What does the future hold for Dane County?

While many counties in Wisconsin are experiencing population declines, it's important to note that Dane County's population is projected to grow by another 200,000 people over the next 30 years. For this and a host of other reasons, we fully expect local home values will continue to appreciate for the foreseeable future. 

Rates for a 30 year mortgage were approaching 8 percent just a few months ago, but now they're much closer to 6.5%. What new possibilities do lower rates create for you? Now is a great time to explore your opportunities with a trusted local lender. Contact your Mad City Dream Homes realtor for a referral to a lender who will help you understand your options and make good financial decisions. We'd love to help. 

 Chart and data are provided courtesy of the Freddie Mac Primary Mortgage Market Survey. 

Dane County condo prices ended the year higher in 2023. Here's our latest update on the Madison area condo market.  

Dane County condo prices

Condo prices in the month of December:

• The price per square foot increased from $195 to $224 (15 percent).
• The average price increased from $308,754 to $339,868 (10 percent). 
• The median price increased from $274,500 to $294,950 (7 percent).

Annual price increases (from 2022 to 2023): 

• The price per square foot increased from $203 to $216 (7 percent).
• The average price increased from $300,531 to $333,401 (11 percent). 
• The median price increased from $268,000 to $300,000 (12 percent). 

New condo listings

Only 51 condos were listed for sale in the month of

Madison area home prices rose once again in December. Here's our latest update on the Dane County single family home market.  

Dane County home prices

Home prices in the month of December:

• The price per square foot increased from $216 to $229 (5 percent).
• The average price increased from $460,431 to $466,011 (1 percent). 
• The median price increased from $389,785 to $414,900 (6 percent).

Annual price increases (from 2022 to 2023): 

• The price per square foot increased from $214 to $225 (5 percent).
• The average price increased from $466,130 to $497,232 (7 percent). 
• The median price increased from $412,500 to $435,000 (5 percent). 

New listings

New listings rose for the second straight month (a positive

We recently reached out to a few of our peers in the real estate industry for their insight into this topic. And according to our peers, there are 5 big reasons why the market favors apartment buildings over condo developments. 

#1) Construction liability. Current construction liability laws require developers to take on more legal and financial risk when building a condominium development. In addition, many architects are hesitant to design condo communities due to a rise in HOA lawsuits.

#2) Financing. From an underwriting and lending perspective, condos are considered to be the more speculative investment, which limits the options for financing. For the developer, it's easier to finance an apartment building than it is to finance a condominium

Here's our newest look into the Madison area condo market, starting with the price trends for November, 2023. 

Dane County condo prices

On a year-over-year basis:

• The price per square foot increased from $208 to $217 (4 percent). 
• The average price increased from $293,288 to $311,116 (6 percent). 
• The median price was even at $270,000. 

On a year-to-date basis:

• The price per square foot increased from $203 to $215 (6 percent). 
• The average price increased from $299,978 to $333,028 (11 percent). 
• The median price increased from $267,720 to $300,000 (12 percent). 

New Dane County condo listings

One big driver of high prices is the low supply of new listings. New listings did increase slightly in November, but