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
Single family home listings edged higher from a year ago, but in the larger picture remained low compared to nearly every other April this century.
Accepted offers
Buyers responded to more listings by writing more offers. A total of 534 Dane County single family home listings went under contract in April, compared to 498 listings the year before.
Inventory
Active or available listings -- those without an accepted offer -- remain low and are on par with inventory levels from a year ago. As of May 7th, only 429 single family home listings were available for sale in Dane County. This is the equivalent of 1.1 months of supply.
Competing offers
Competing offers continue to trend well-above pre-pandemic levels, which is one clear sign of continued pent-up demand. According to our preliminary numbers for the month of March, the percent of listings with competing offers jumped from 34% in 2019 to 51% in 2024.
Cash offers
Cash offers are also trending well above pre-pandemic levels, which is another sign of a market with more buyers than sellers.
Days on market
The average days on market was 29 days in April, the 4th lowest this century. This is a third clear indicator of a highly-competitive market.
Dane County home sales
With a few more home being listed for sale this year, a few more homes are selling, too.
What should we expect for the rest of 2024?
Even though mortgage rates have risen lately, all signs point to a market with more buyers than sellers, and more price appreciation for the foreseeable future. Please reach out with any questions you have about the market. We're always up for talking real estate.
