Dane County condo prices continued to post large year-over-year increases in the month of May. Here's our latest Madison area condo report updated for the month of May, 2023.

Dane County condo prices

Condo prices increased by all measures in the month of May. The price per square foot increased 19 percent; the median 10 percent; and the average 20 percent. Note, condo prices can fluctuate greatly due to the relatively low number of condos being sold in any given month.

When we look at prices year-to-date, the increases are still quite strong. The price per square foot was up 7% through the first 5 months of the year. The median was up 12%, and the average was up 11%.

New MLS condo listings

Only 135 condominium listings were posted to

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

Built in 1928, the Terrace Homes Apartments at 114-118 N Breese Terrace are the earliest known example of cooperative living in the city of Madison. A century ago, cooperatives (or co-ops) preceded the condominium movement, and were most common in larger, urban areas like New York City.

Just like a condominium, ownership at the cooperative includes a monthly fee. At the co-op, the monthly fee covers your property taxes, your utilities (with the exception of electricity), and the ongoing care of the grounds and common space. But unlike a condo, buying into the cooperative involves the purchase of stock, not property, so there is a unique process for becoming a co-op owner.

Talk to the neighbors here, and they'll tell you that they love the vintage

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

Capitalism is constantly trending toward automation. And with the advent of Artificial Intelligence, the trend toward automation now includes virtually all forms of content. Content like articles, social media posts, online videos, and online ads. And even music and art. More and more, the content we are being asked to consume is being produced by AI, not people. 

One of the challenges that we see with this trend is that it's really hard to share stories, insights and observations in a genuine and impactful way when the content is auto-generated. From a practical and an ethical perspective, we can't offer you sound advice if that advice doesn't come from our own experience.

Which is just one more reason why we're committed to publishing our monthly

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.

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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