Dane County condo prices rose again in June, spurred by low supply and strong demand. Here's our latest update on the Madison area condominium market. 

June condo prices

• The price per square foot rose from $218 in June of 2023 to $235 in June of 2024, an increase of 8 percent. 
• The average price rose from $342,102 to $361,592, an increase of 6 percent. 
• The median price jumped from $314,760 to $325,000, an increase of 3 percent. 

Year-to-date prices

• The price per square foot grew from $211 during the first 6 months of 2023 to $227 during the first 6 months of 2024, an increase of 8 percent. 
• The average price grew from $327,847 to $336,777, an increase of 3 percent. 
• The median price grew from $295,000 to

Dane County home prices continued to rise in the month of June, fueled by low inventory and strong buyer competition. Here's our latest update on the Madison area single family home market. 

June home prices

• The price per square foot rose from $231 in June of 2023 to $239 in June of 2024, an increase of 4 percent. 
• The average price rose from $519,271 to $543,943, an increase of 5 percent. 
• The median price jumped from $445,000 to $490,000, an increase of 10 percent. 

Year-to-date prices

• The price per square foot rose from $224 during the first 6 months of 2023 to $238 during the first 6 months of 2024, an increase of 6 percent. 
• The average price rose from $499,744 to $528,949, an increase of 6 percent. 
• The median

We've been sharing how Dane County home and condo inventory is quietly rising and how buyers who stay the course will find more opportunities to purchase in the months ahead. However, in the big picture, inventory remains low. Here's a quick look at Dane County home and condo supply as of June 27th, 2024. 

Single family homes 

As of June 27th, a total of 580 Dane County homes (or 1.5 months of supply) are available for sale without an accepted offer. Months of supply are low in all price ranges, especially in the sub $400,000 price categories. 

Condos

As of June 27th, 181 condos (or 1.6 months of supply) are available for sale without an accepted offer. Some newer condo developments are improving options for buyers, but inventory remains

The frenzy of the spring home-buying market has come and gone and now we've entered into a market that is a little more relaxed, with a little more inventory, and with a little less competition. Have a look at this chart, which shows the typical, seasonal pattern for competing offers in Dane County. 

The market is always in flux, and competing offers are moderating this summer, as they tend to moderate every summer. As a result we're seeing more buyer and seller negotiations that include the traditional appraisal and home inspection contingencies. 

What questions do you have about the summertime real estate market? We'd love to be a resource for you and answer all of your questions. You know how to reach us. 

Here's our May update on the Dane County condo market, covering 8 key trends impacting buyers and sellers. 

Dane County condo prices

For the first time in a long time, the price per square foot edged lower. Does this mean that local condo prices are falling? We don't think so.

Remember, prices can swing a lot from month-to-month due to the relatively low number of sales in the condo market. A few high-priced or low-priced transactions can have a big impact on the monthly numbers.

Tracking the overall trend is the best way to evaluate prices. With this perspective in mind, it's important to note that the Dane County price per square foot is up by 8 percent through the first 5 months of the year. 

Here are the May numbers for 3 different

Home prices continued to rise in the month of May, and by all measures. Here's our latest report and commentary on the Madison area single family home market. 

Dane County home prices

The price per square foot grew by 6 percent year-over-year, and by 7 percent year-to-date. 

Dane County home prices were up by all measures: 

• The price per square foot grew from $230 in May of 2023 to $244 in May of 2024 (an increase of 6 percent). 
• The average price grew from $519,479 to $550,576 (up by 6 percent). 
• The median price increased from $450,000 to $494,000 (up by 10 percent). 

New MLS Listings

Listing activity improved slightly in the month of May, but remained low compared to most other years this century. We expect home

Home and condo availability is quietly improving, and is better right now than it has been each of the last two summers. What's more, we expect selection to continue to improve throughout the summer and into the fall season, as it does every year.

Check out our latest inventory snapshots of the Madison area real estate market, and please reach out whenever you have questions. We're here to help. 

Dane County single family home inventory 

Dane County condo inventory 

Madison area condo prices continued to move higher in the month of April. Here's our latest update on the Dane County condo market. 

Dane County condo prices

The price per square foot increased from $210 in April of 2023 to $229 in April of 2024. That's a 9 percent increase year-over-year. Through the first 4 months of the year, the price per square foot is up 12 percent. 

MLS condo listings

New condo listings edged higher in the month of April, and are up by 15 percent through the first 4 months of the year. In the bigger picture, listing activity remains low compared to most other years this century. 

Accepted offers

A few more condos went under contract in the month of April, but were low compared to most other years dating

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

We've written extensively about why we expect Madison area home and condo prices to continue to appreciate 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 appreciating home