Here's our first real estate update for the 2023 sales year, covering all of the latest trends in the Dane County single family home market. Do you have questions about the real estate market in your neighborhood? You can always contact our real estate team for an open and honest conversation. 

Madison area home prices

The price per square foot increased from $199 to $210, an increase of 6 percent year-over-year. The median price jumped from $380,775 to $430,000, an increase of 13 percent. 

New MLS listings

A low supply of new listings is one of the reasons why prices keep rising in Dane County. New listings decreased 26% year-over-year, and were the lowest on record for the month of January. 

Dane County housing starts

New

Owning a home is about more than having a place to live. It’s an investment, too. And at Mad City Dream Homes we are here to help you make smart decisions when it comes to your real estate investment.

For example

We are here to help you choose the home improvement projects that will provide the best return on investment, and help you select the right contractors, too. 

We're here to advise you as to whether or not you should buy an individual property, and share our opinion on its resale value. 

And of course, as students of the market, we're always available to share our perspective on all of the latest trends in Dane County.

So, whenever you have any financial concerns about any aspect of real estate, we invite you to please reach out

Last year was a roller coaster ride, for sure. But in 2023, rates have fallen more than a full percentage point below the 2022 peak. In fact, as of this writing, a 30 year fixed rate mortgage from UW Credit Union is now available for as low as 5.75%

How much home can you buy in 2023?

Reach out to our realtor team if you're curious about your purchasing power in today's market. We'll connect you with a local lender who will help you make sense of your current financial position -- and pre-approve you for your mortgage, too. A lender who will give you all the time you need on the phone, and if you wish, even meet with you in person. Now there's a novel concept :)

You have a few dozen 55 plus communities to choose from in the Madison area, but in a low inventory market like ours, the number of listings available at any given point in time is relatively small.

So, if you're in search of a 55+ condo, our advice to you is don't confine your search to a 55 plus community. Instead, try expanding your search by focusing on the condominiums that will help you live the lifestyle you're seeking. When you adopt this approach, you'll discover you have many more condos to choose from. 

Two helpful resources

Two great resources are our Madison and Suburban Madison condo guides. Our guides offer an excellent introduction to hundreds of condominium associations in the Dane County area, and can help you identify the

How did the stock market perform compared to the Dane County real estate market in 2022? This chart says it all. 

And where will the market go from here?

Based on what we see in the market right now, we're predicting another year of strong real estate prices here in Dane County. For more information, we invite you to check out our 2023 predictions, where we cover many of the current trends in the Madison area. Or talk to your preferred Mad City Dream Homes realtor. We're always available to talk about your future, and the future of real estate, too. 

These last few weeks we've heard from dozens of friends who are eager to write their next chapter through the gift of real estate. 

Here are just a few of our clients who are working on their dreams right now:

• Our friend, Jennifer, who is excited to make the jump from apartment-living to homeownership. 
• Emily and Eric, who are ready to become first-time homeowners and build wealth through real estate. 
• Mark and Myah, who are excited to lay down their roots and start their family. 
• Simona and Dylan, who are eager to buy their first home for Little Baby Mila. 
• John and Elizabeth, who are excited to move up to a larger home for their growing family. 
• Tom and Lisa, who are scheming to relocate to Madison and be close to loved ones. 

More condos. 

Imagine a new wave of modern condominiums that are thoughtfully planned and constructed in environmentally sustainable ways that enhance the character of the downtown area. Condos that open up the pedestrian-friendly and bike-friendly lifestyle to a whole new population of people. Where walking to the park, biking around the lake, walking to the Farmers Market, and walking to a locally-owned coffee shop or restaurant are all a part of daily living. 

Now imagine what more condos would do for our tax base and the small business owners in the area. And how a new wave of condominiums would relieve some of the intense pressure on our local housing market and slow the pace of sprawl. 

My wish isn't confined to Downtown Madison. Other

How is the Madison condo market performing? Our newest Dane County condo report offers an objective look at all of the latest trends, including prices, sales, accepted offers, days on market, and more.

Madison area condo prices

The median price for a Dane County condo increased by 14 percent in December while the price per square foot increased by 4 percent. (Note: monthly prices can fluctuate due to the relatively small numbers of condos being sold each month. So, we focus more on the trend over time, instead of the price statistics for any individual month).

Why do Dane County condominium prices continue to rise? One big reason is fewer condos are being listed for sale in the Madison area, which we cover in the next section below.

New

Here's our latest update on the Madison area real estate market -- and without any of the spin. Do you have questions about how the market impacts you and your real estate goals? Contact our realtor team for a helpful conversation. 

Madison area home prices

The price per square foot increased from $197 in December of 2021 to $216 in December of 2022. That's an increase of 10 percent year-over-year.

Why do prices continue to rise in Madison and Dane County? One key reason is fewer homes are being listed for sale, which we cover in the next section below. 

New MLS listings

Only 133 Dane County single family homes were listed for sale in the month of December, a decrease of 30% from last December, and the lowest total on record for the

Sometimes changing careers can end up changing your life, too. That's been the experience for many of us on our team. For example, Shelley Lazzareschi worked in the hospitality industry before she became a realtor. Ann Raschein and Chris Venden worked in human resources. And Alan Feder worked in outdoor recreation.

So many positive changes have followed our transitions to real estate.

One positive change is that real estate has given all of us the opportunity to work with and impact people on a personal level. We've met many new friends over the years, as we've helped each client navigate an important life event. 

Another positive change is that real estate has allowed each of us to shape our careers around our values. We're fortunate