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 that 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 Bureau. 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 take their leap 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

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. 

Dane County home prices continued to appreciate in March, as listings decreased. Here's our latest update on the Madison area single family home market. 

Dane County home prices 

The price per square foot increased from $218 in March of 2023 to $240 in March of 2024. That's a 10 percent increase year-over-year. Note the price per square foot is up 10 percent through the first quarter of the year, too. 

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

• The median price jumped from $426,500 in March of 2023 to $467,700 in March of 2024 -- an increase of 10 percent. 
• The average price moved from $483,519 in March of 2023 to $510,584 in March of 2024 -- an increase of 6 percent. 

New listings

After

Dane County condo prices rose from $200 per square foot in March of 2023 to $223 in March of 2024. That's a 12 percent year-over-year increase. Note the price per square foot is up 13 percent through the first 3 months of the year. 

Prices were up by other measure, too: 

• The average price grew from $295,361 in March of 2023 to $332,689 in March of 2024 -- up 13 percent. 
• The median price grew from $276,500 to $311,000 -- moving 12 percent higher. 

New condo listings

Condo listings increased for the second straight month. This is an encouraging sign, but it's important to note that buyer demand still far exceeds the supply of available condos. A total of 179 Dane County condominiums were listed for sale in March, compared to

Madison area home sales continued to lag in March. 

While condo sales were lower, too. 

And due to low supply, both home and condo prices were noticeably higher. Stay tuned for our complete updates on the Dane County home and condominium markets, which we'll be publishing real soon. 

New single family home listings decreased in the month of March after starting the year off stronger in January and February. 

While condo listings moved higher each of the last two months. 

We continue to see heavy competition and rising prices in this year's spring market. Stay tuned for our full reports on the Madison area home and condo markets, which we'll be releasing real soon. 

We're beginning to see signs that more people may end up choosing to sell this year, based on our latest review of the Dane County real estate market. As the chart below shows, listings for existing single family homes are up noticeably during the first two months of the year, which is encouraging news for buyers. 

If you're someone who is aspiring to buy a home in 2024, this is a great reason for you to stay focused and committed to your search. You just never know when the right opportunity will present itself, and when a little good fortune will come your way. 

Contact us to discuss your homeownership goals. We would love to help you. 

Local home prices continued to move higher in the month of February. Here's our latest update on the Dane County single family home market.  

Dane County home prices 

Home prices in the month of February:

• The price per square foot increased from $216 to $242 (12 percent).
• The average price increased from $449,298 to $494,752 (10 percent). 
• The median price increased from $420,000 to $452,678 (8 percent).

New listings

New listings rose for the fourth straight month (an encouraging trend), but still remained well below what our market is demanding. A total of of 459 single family homes were listed for sale on the MLS in the month of February, which was the third lowest total for any month of February this century. 

Madison area condo prices rose from $202 per square foot in February of 2023 to $235 in February of 2024. That's a 16 percent year-over-year increase. Note these numbers are based on a low number of sales in the month of February. We'll gain a clearer picture of price growth as we accumulate more data throughout the year. 

Dane County condo prices

New condo listings

A total of 153 Dane County condominiums were listed for sale in February, compared to 100 the year before. Listing activity remains light, but this is a step in the right direction. 

Active condominium listings

"Active" or "available" listings are those that don't have an accepted offer. Although Madison area condo inventory remains tight (with only one month of supply),

We continue to see encouraging signs in the trends for new MLS listings: 

For the 4th straight month, Dane County single family home listings increased year-over-year. 

While condo listings increased significantly in the month of February. 

It's true, the supply of new listings remains low by historical standards, and the market remains very competitive for buyers. But if these trends do keep up, buyers will find more opportunities to purchase in the months ahead. 

Stay tuned for our full reports on the February real estate market, which we'll be releasing real soon. For more recent market updates, check out our market blog.