Here's our latest look at the Dane County single family home market. Do you have questions? Please contact us for a helpful conversation. In the meantime, here's our review of all the latest local trends.
Madison area home prices
The Dane County price per square foot set a new record for the month of September, jumping from $191 in September of 2021 to $214 in September of 2022. Prices increased 12% year-over-year and 14% year-to-date.
New MLS listings
One reason prices remain high is that new listings are entering the market at a slow pace. Through the first 9 months of the year, single family home listings are entering the market at the slowest pace since the year 2000.
Single family home inventory
Because fewer people are choosing to sell, inventory remains low. In fact, there are fewer Dane County single family homes available for sale right now than there were at the same time last year.
Accepted offers
Accepted offers were the lowest in Dane County since 2014.
Madison area home sales
Dane County home sales were still quite strong in September -- despite the slowdown in the market. Sales decreased 16% last month and were down 11% through the first 9 months of the year.
Competing offers
Our preliminary data from the month of August shows that the percentage of listings receiving multiple offers (40%) was quite strong compared to previous years. Many sellers continue to fare very well in our low inventory market.
Days on market
Marketing times are beginning to rise in the Madison area, but still remain very low compared to most other years since the year 2000.
What will the Madison market do in the last quarter of 2022?
Mortgage applications are decreasing noticeably right now, but seller activity is decreasing noticeably, too. We do expect inventory to gradually grow above last year's levels based on these two trends. Please reach out to us for any questions you have about buying, selling or investing in the Greater Madison area. We would love to help you make sense of the market and make good decisions going forward, too.
