Dane County house costs rose once more in November. Get the most recent month-to-month updates on the single-family housing market.
Dane County house costs
Home costs in November:
- Value per sq. foot elevated by 7% in comparison with November 2022.
- Common costs rose by 9%.
- Median costs rose 8%.
Home costs by means of the primary 11 months of the yr:
- Costs per sq. foot rose 5% within the first 11 months of this yr.
- The common value elevated by 7%.
- The median value elevated by 5%.
New itemizing
Costs stay excessive as itemizing exercise stays low. A complete of 262 Dane County properties went in the marketplace in November, barely above the all-time low set final November.
lively checklist
In consequence, the variety of obtainable properties (properties for which presents weren’t accepted) is turning into fewer and fewer. Solely 474 Dane County properties (1.2 months of provide) have been obtainable on the market on Dec. 11. That is barely greater than the overall obtainable listings for every of his final two Decembers.
accepted supply
Dane County contract signings proceed to development downward as a consequence of an absence of contemporary provide. Simply 250 properties went below contract final month, the bottom quantity for November since 2011.
competing presents
The share of listings receiving a number of presents continues to be a lot greater than within the pre-pandemic market. This is among the telltale indicators of pent-up demand within the Madison space, with patrons outnumbering sellers in a low-supply market. In October, 37% of all accepted presents acquired a number of presents, a file excessive for the month.
money supply
Money presents are additionally pretty frequent, one other clear signal of pent-up demand. 23% of all offers closed in November concerned money presents, a file excessive for the month.
Days on market
Traditionally quick advertising home windows are additionally a transparent signal of pent-up demand. The common variety of days in the marketplace in November was simply 24 days, the second lowest on file for the month.
Dane County Properties for Sale
November house gross sales have been up barely from November 2022 house gross sales, however have been decrease than November totals from 2015 to 2021. A scarcity of latest properties is limiting the variety of gross sales in Dane County.
The place is Dane County’s actual property market heading sooner or later?
We predict that actual property costs within the Madison space will rise once more in 2024. Listed here are 10 causes: Do you might have any questions on subsequent yr’s market? Please be at liberty to contact us with all of your actual property questions and issues. We can assist.
