Dane County house costs continued to rise in March regardless of a decline within the variety of listings. This is the most recent data on the single-family house market within the Madison space.
Dane County house costs
Value per sq. foot elevated from $218 in March 2023 to $240 in March 2024. It is a 10% enhance over the earlier yr. Observe that worth per sq. foot has additionally elevated by 10% by means of the primary quarter of this yr.
Median and common costs have been additionally greater in March.
- Median worth elevated 10% from $426,500 in March 2023 to $467,700 in March 2024.
- The common worth rose from $483,519 in March 2023 to $510,584 in March 2024, a rise of 6%.
New itemizing
After growing in every of the earlier 4 months, the variety of new MLS listings decreased considerably in March. A complete of 493 single-family properties in Dane County entered the market in March, a report low for the month.
lively record
Whereas lively listings (listings with out accepted gives) are barely up from every of the previous two years, itemizing availability continues to be far beneath the place we wish it to be. A complete of 428 Dane County single household properties (or 1.1 months provide) grew to become out there on the market on the MLS on April 9, 2024.
accepted supply
Dane County’s contract signings elevated barely from March 2023, however apart from that, March’s contract signings have been the bottom in 13 years.
competing gives
The proportion of listings receiving a number of gives continues to be a lot greater than within the pre-pandemic market. This is without doubt one of the clear indicators of pent-up demand within the Madison space, the place the variety of patrons exceeds the variety of sellers. Preliminary knowledge from February reveals that 45 p.c of all accepted gives included a number of gives in February 2024, in comparison with 29 p.c in February 2019.
Pay attention to how purchaser competitors adjustments seasonally. Competitors is highest in spring and early summer time and lowest in autumn and early winter.
money supply
Money gives have additionally turn into extra frequent within the post-pandemic market, one other clear signal of pent-up demand. The proportion of money gives rose from 8% in March 2019 to fifteen% in March 2024.
Days on market
Advertising durations proceed to pattern close to historic lows, one other signal of pent-up demand.
Dane County Houses for Sale
Residence gross sales within the Madison space declined barely from March 2023, marking the bottom March month in 13 years. Residence gross sales proceed to be restricted in Dane County on account of a scarcity of provide.
What to anticipate for the remainder of 2024
Provide stays tight and our native population continues to grow. For these and different causes, we count on the market to stay aggressive and costs to proceed rising for the foreseeable future.
Name us any time you need to discuss concerning the market. We’re all the time out there that can assist you together with your actual property wants, however there’ll by no means be any gross sales stress or inconvenience.
