Home prices continue to rise in Dane County, and by all measures. Here's our latest single family home update for the month of May, 2023. 

Dane County home prices

The price per square foot increased to $229, which was a new record for our market and up 5 percent year-over-year. The median price was $449,900, which was up 6 percent. And the average price was $517,046 (up 8 percent). 

New MLS listings

Only 585 single family homes were listed for sale last month, which was the second lowest total for the month of May this century. Higher mortgage rates are causing many would-be sellers to pause and put their real estate plans on hold. 

Active listings

Right now there are fewer active single family home listings (those without

If you do a Google search to learn more about the housing market, these are some of the headlines and articles that you will find: 

• Home prices are finally declining…
• Home prices just broke a decade-long streak…
• Housing Market: Home Prices Post First Yearly Decrease In 11 Years…

Once you get past the headline you might see details similar to what was posted on CNN.com:  

"Regionally, prices fell more from a year ago in the West (down 5.6%) and Northeast (down 4.5%), where housing is more expensive. But prices were still climbing from last year in the South (up 2.7%) and the Midwest (up 5%)."

It is important to look past the headlines and talk to local experts. Prices are not declining in Dane County. Our latest market update shows

When interest rates started rising last year, we knew that higher rates would result in fewer people choosing to buy a home or condo. What we didn't expect, is the profound impact that higher rates would have on the number of people choosing to sell. The chart below makes this relationship perfectly clear. MLS listings dropped noticeably last summer and have been trending lower ever since. 

Who's selling and who's not? 

Right now most of our clients who are selling are selling due to major life changes. Changes like death, divorce, downsizing, and relocation. What we aren't seeing so much are the people who are choosing to sell in order to "move up" to a larger home. The prospect of higher rates (and a higher monthly payment) is causing this

Condominium prices continue to rise throughout Dane County, and by all measures. Here's our latest Dane County condo market update covering the latest price trends, and much more. 

Dane County condo prices

The price per square foot increased to $210, which was a 3 percent increase from last April. The median price jumped to $301,500, an increase of 10 percent. While the average moved to $338,991, an increase of 7 percent.

New condominium listings

One of the biggest reasons for high prices is a low influx of new listings. Only 148 condominiums were listed for sale on the MLS in April, which was a 22 percent decrease from last year. Overall, condominium listings were down by 23% through the first 4 months of the year.

Available

Spring market conditions continue to be very favorable for sellers as prices continue to rise throughout the Madison area. Here's our latest single family home update, covering the month of April, 2023. 

Dane County home prices

The price per square foot increased to $227, up 6 percent from the year before. The median price grew to $440,000, an increase of 4 percent. While the average price jumped to $508,022, an increase of 9 percent. 

New MLS listings

A limited supply of new listings is the biggest reason why prices keep rising in the Madison area. New MLS listings were down 30% in April and by 25% year-to-date. 

Active listings

Although active listings (those without an accepted offer) have risen slightly year-over-year, they

It's safe to say that no one expected competing offers to increase when interest rates more than doubled, but that's exactly what's happening in our spring market. According to our preliminary data for the month of March, competing offers for single family homes are at an all-time high here in Dane County. 

While the competition for condominiums is at an all-time high, too. 

Why is the real estate market so competitive in the Madison area?

This short article shares 9 reasons why competition remains strong and why we expect prices to continue to rise for the foreseeable future. 

Stay tuned for our upcoming home and condo market updates, which will offer a lot more insight into our spring market. In the meantime, you can always reach out

Single family home listings are entering the market at the slowest pace on record, and are down by 26% through the first 4 months of the year. 

While condo listings are down by 23% through the first four months.

Low listing activity is one of the big reasons why Madison area home and condo prices continue to move higher in 2023, and why we expect prices to continue to rise for the foreseeable future. 

How does the market impact you and your real estate goals? You can always reach out to our realtor team for a helpful conversation. We'd love to help. 

Now that most of the transactions are in the books for the month of April, it's time for a quick look at Madison area home and condo prices. 

Dane County homes

• The median price in April increased to $450,000, up 7% from the year before. 
• The average price increased to $511,806, which was up 10%. 

Dane County condos

• The median price increased to $301,500, up 10% from last April. 
• The average price increased to $338,991, which was up 7%. 

Why do Dane County home and condo prices keep rising? Here are 9 reasons why prices continue to rise and why we expect prices to keep moving higher for the foreseeable future. Of course, we're always available to chat about the market and how the market impacts you and your goals. You know

Here's our latest unbiased view of the Dane County condominium market, updated for the month of March, 2023. 

Competing offers

The competition for condos in early 2023 is at an all-time high. Based on our preliminary data for the month of February, 49% of all contract signings involved multiple offers. This is a very high percentage for this time of year, and a clear sign that prices will be strong in the months ahead. There is still plenty of pent-up demand for condos in Dane County.  

New condo listings

Madison area condos continue to enter the market at a slow pace. March condo listings decreased 28% year-over-year and were lower by 24% year-to-date.

Condo inventory

Condo supply is running at an all-time low, with only .6

Here's how Dane County single family home inventory is trending:

Available listings are up year-over-year, which is a result of fewer people buying in 2023. It's important to note that inventory is still very low from an historical perspective, and we're expecting supply to remain low and prices to remain strong for the foreseeable future. Right now there are only .8 months of inventory available in all of Dane County.

And here's the trend for condominiums:

There are actually fewer available condos for sale right now than there were a year. One of the big reasons for low condo supply is that very few new construction condos have been built over the last 15 years. Right now, we have only .6 months of condo supply available across the whole