Buyer activity was strong in the month of April, as Dane County home prices continued to move higher. Here's our latest update on the Madison area single family home market. 

Dane County home prices 

The price per square foot increased from $227 in April of 2023 to $234 in April of 2024. That's a 3 percent increase year-over-year. Note the price per square foot is up 8 percent through the first four months of 2024. 

The median and average price were also higher in the month of April:

• The median price jumped from $444,900 in April of 2023 to $496,000 in April of 2024 -- an increase of 11 percent. 
• The average price moved from $509,239 in April of 2023 to $535,915 in April of 2024 -- an increase of 5 percent. 

New MLS listings

Most of the popular real estate websites have home valuation tools that can be interesting and fun to interact with. In the matter of a few seconds, we can find our home online, and see how our home's value is changing from month-to-month.  

But keep in mind these online valuations are often a gross approximation of the market, not a true reflection of it. 

Take this Madison area property, for example. According to one popular website, this home's market value increased by almost $140,000 in a single day. This happened because the home was listed for sale on May 1st at a price that was much higher than the tool's estimated value. When the home hit the market, the website automatically updated its value based on the list price of the home. 

This

We continue to be blown away by the work of Stephen Meyer and Phenomenal Carpet Care. Stephen is one of those rare people who approaches his work as a craft, someone who truly takes pride in his work. 

Here's one example from a recent client. 

If you're getting ready to sell your home, cleaning your carpets is always a smart choice that more than pays for itself. Visit phenomenalcarpetcare.com to get started. 

And a quick reminder: Please reach out to us whenever you need help connecting with reputable contractors for your home maintenance and improvement projects. We're always happy to help. 

We have no way of accurately predicting if and when mortgage rates might drop below 6%, but let's assume at some point they do.

When this happens, we do expect more homeowners who are locked into a low mortgage rate to list their home for sale. It's reasonable to expect that supply will increase when mortgage rates fall. 

At the same time, we also expect many more buyers -- enticed by lower rates -- to enter the market. Demand will also rise when mortgage rates fall. 

So very likely, the net effect of lower rates will be more upward pressure on home prices.

The bottom line: If one of your life goals is to become a homeowner, it's important for you to know that there is a cost of waiting for a lower rate. So rather than wait for a lower rate

We've written extensively about why we expect Madison area home and condo prices to continue to rise for the foreseeable future. But there's one underlying trend that we haven't really delved into, and that's the large number of millennials who are aging into their peak home-buying years. 

See the chart below from the economics blog, Calculated Risk, which shows the largest population groups by year using data and projections from the US Census. As the chart shows, a large number of millennials are aging into their 30's, and it's the 30 to 39 age range when most people enter into homeownership. 

Madison is already home to a large and thriving millennial population, which is just one more reason why we expect strong demand and rising home values over

Madison area home and condo listings increased slightly in the month of April, but remained low by historical standards. And even though 30-year mortgage rates have moved above 7%, we continue to see more buyers than sellers in Dane County. We'll be releasing our full reports on the month of April real soon. Stay tuned. 

When you fully market your home and expose your listing to the entire market, you reap the benefits of competition. As an example, during the first four months of 2024, we have a large group of sellers who are accepting offers from 5 percent to as much 26 percent over the list price, with two homes selling for more than $100,000 above the list. 

The bottom line: Sometimes there are good reasons to consider a "quiet sale". But if your primary objective is to maximize your return on investment, then marketing your home to all potential buyers is the clear choice. 

Mad City Dream Homes accepted offers over the list (January 1st - April 30th)

• Property 1: 5%
• Property 2: 6%
• Property 3: 8% 
• Property 4: 8%
• Property 5: 10%
• Property 6:

Sunshine Place is proving we can accomplish more when we meet our neighbors’ needs with dignity and collaboration. This Sun Prairie-based organization is where families and individuals can come for help with food, housing, and other essential support. Sunshine Place is a “resource hub” for basic needs, offering its nine innovative programs plus subsidized space for other agencies. They currently host staff from Centro Hispano, Joining Forces for Families, RISE – Early Childhood Initiative (ECI), Dane County Madison Public Health, and Tenant Resource Center saving their visitors time, transportation, and childcare resources to access multiple services in one-stop. 

The largest of Sunshine Place’s programs is their Sun Prairie Food Pantry, open 6 days a

We've worked with many photographers over the years, and we're grateful for our current partnership with Step Inside Media, owned and operated by Kristine and Derek Marks. 

The Step Inside photographers are skilled in their craft. Just as important, their focus on communication and personalization is admirable at a time when many other companies are doubling down on automation and standardization. 

Thank you Step Inside for your approach to customer service. We appreciate you and your work! 

Seventeen years ago Chris helped her friends Dede and Dave buy their dream home in Fitchburg. And seventeen years later we're grateful to be helping Dede and Dave again as they prepare to move to their new dream home for their next season of life. 

Thank you to all of you who continue to trust us with your real estate needs. We appreciate each and every opportunity to serve.