Here's our latest insight into the Dane County single family home market, covering the month of July, 2023.
July Dane County home prices
Madison area home prices continued to rise in July, and by all measures:
- The price per square foot of $225 rose by 6 percent from the $213 in July of 2022.
- The median price of $446,154 also grew by 6 percent.
- And the average price of $505,915 increased by 5 percent.
We're expecting prices to continue to rise for the foreseeable future based on all of our current supply and demand trends -- keep reading for more insight.
![Madison WI home prices July 2023](/uploads/agent-1/Dane County home prices july 2023.jpg)
July MLS listings
As the chart below shows, MLS listing activity decreased significantly last summer when interest rates moved sharply higher. And listings have been trending lower ever since. Right now, listing activity is almost 40 percent lower than it was at the same time two years ago.
![Madison WI new MLS listings July 2023](/uploads/agent-1/Dane County MLS listings July 2023.jpg)
What's more, new listings are entering the market at the slowest pace on record.
![Madison WI historical listings July 2023](/uploads/agent-1/Dane County historical home sales July 2023.jpg)
Available listings
With fewer homes entering the market, fewer homes are available for buyers to purchase. Right now there are less than 500 available homes (those without an accepted offer) in Dane County. Note from the graph below, that there were well above 500 available listings at the same time in 2022 and in 2021.
![Madison WI Home Inventory August 2023](/uploads/agent-1/August 2023 Single Family Home Inventory.jpg)
Competing offers
Madison area home prices keep rising because the percent of listings receiving competing offers remains elevated. Note from the chart below that the competing offer percentage is still very high when compared to pre-pandemic levels.
![Madison WI Competing Offers June 2023](/uploads/agent-1/June 2023 Competing Offers.jpg)
Accepted offers
Low supply continues to limit the number of homes going under contract in Dane County.
![Madison WI Accepted Offers July 2023](/uploads/agent-1/Accepted Offers July 2023 updated.jpg)
July Dane County home sales
July home sales (or closings) were the lowest since July of 2011.
![Madison WI July 2023 home sales](/uploads/agent-1/July 2023 Home Sales.jpg)
Days on market
Days on market continue to trend along historically low levels.
![Madison WI Days on Market July 2023](/uploads/agent-1/Dane County Days on market August 2023.jpg)
We're in a new era for real estate
And many of the old rules, based on ample supply, no longer apply. Here are 9 reasons why we anticipate high prices and low supply in Dane County for the foreseeable future.
How does the market impact you and your real estate goals? We're always available for a conversation, and we'd love to help you plan for your future. Reach out to us whenever you need a little help.