Dane County condo prices ended the year higher in 2023. Here's our latest update on the Madison area condo market.  

Dane County condo prices

Condo prices in the month of December:

• The price per square foot increased from $195 to $224 (15 percent).
• The average price increased from $308,754 to $339,868 (10 percent). 
• The median price increased from $274,500 to $294,950 (7 percent).

Annual price increases (from 2022 to 2023): 

• The price per square foot increased from $203 to $216 (7 percent).
• The average price increased from $300,531 to $333,401 (11 percent). 
• The median price increased from $268,000 to $300,000 (12 percent). 

New condo listings

Only 51 condos were listed for sale in the month of

Madison area home prices rose once again in December. Here's our latest update on the Dane County single family home market.  

Dane County home prices

Home prices in the month of December:

• The price per square foot increased from $216 to $229 (5 percent).
• The average price increased from $460,431 to $466,011 (1 percent). 
• The median price increased from $389,785 to $414,900 (6 percent).

Annual price increases (from 2022 to 2023): 

• The price per square foot increased from $214 to $225 (5 percent).
• The average price increased from $466,130 to $497,232 (7 percent). 
• The median price increased from $412,500 to $435,000 (5 percent). 

New listings

New listings rose for the second straight month (a positive

We recently reached out to a few of our peers in the real estate industry for their insight into this topic. And according to our peers, there are 5 big reasons why the market favors apartment buildings over condo developments. 

#1) Construction liability. Current construction liability laws require developers to take on more legal and financial risk when building a condominium development. In addition, many architects are hesitant to design condo communities due to a rise in HOA lawsuits.

#2) Financing. From an underwriting and lending perspective, condos are considered to be the more speculative investment, which limits the options for financing. For the developer, it's easier to finance an apartment building than it is to finance a condominium

Here's our newest look into the Madison area condo market, starting with the price trends for November, 2023. 

Dane County condo prices

On a year-over-year basis:

• The price per square foot increased from $208 to $217 (4 percent). 
• The average price increased from $293,288 to $311,116 (6 percent). 
• The median price was even at $270,000. 

On a year-to-date basis:

• The price per square foot increased from $203 to $215 (6 percent). 
• The average price increased from $299,978 to $333,028 (11 percent). 
• The median price increased from $267,720 to $300,000 (12 percent). 

New Dane County condo listings

One big driver of high prices is the low supply of new listings. New listings did increase slightly in November, but

Dane County home prices increased once again in November. Here's our latest monthly update on the single family home market.  

Dane County home prices

Home prices in the month of November:

• The price per square foot increased by 7 percent compared to November of 2022.
• The average price increased by 9 percent. 
• The median price increased by 8 percent. 

Home prices through the first 11 months of the year: 

• The price per square foot increased by 5 percent during the first 11 months of the year. 
• The average price increased 7 percent. 
• The median price increased 5 percent. 

New listings

Prices remain high because listing activity remains low. A total of 262 Dane County homes were listed for sale in the month of

For the last 18 years, Dane County home building has been occurring at a subdued pace compared to the peak construction years in the early 2000's. This is one of ten reasons why we expect inventory to be low and prices to be high in 2024. For more info, check out this recent post. 

Thank you to Dominic Collar, who's been generously sharing his housing start data with us for the last 15 years. With Dominic's help, we've been able to stay on top of the new construction market and share our insights with you. We appreciate your generosity, Dominic! 

A little bird told us that prices will continue to rise in 2024, and here are the 10 reasons it gave us.

Why Dane County real estate prices will continue to rise

#1) Dane County’s rapidly-growing population 

#2) Our region’s continued economic growth

#3) Madison’s national reputation 

#4) Climate migration to the Madison area

#5) Significant pent-up demand from motivated buyers 

#6) Fewer people choosing to sell 

#7) A limited supply of new construction homes 

#8) A low supply of new construction condos

#9) Historically low levels of foreclosures  

#10) Rising costs for new construction  

Contact one of our full-time professionals for more insight into the 2024 market. We’re here to be a resource for you and help

Foreclosures were once a significant source of housing inventory in the Madison area, but those days are long gone. A lack of distressed property sales is just one of several key reasons why we anticipate low home and condo supply (and rising prices) for the foreseeable future. Stay tuned for much more info on this topic, coming to our blog real soon. 

Dane County home and condo listings edged a little higher in November, but in the big picture listing activity was still much lower than we'd like to see it. 

Here's how single family home listings trended in November:

Here's how condo listings trended:

Will more home and condo owners choose to sell in 2024? Stay tuned. We'll have plenty of timely updates to share with you in the months ahead.

Dane County home prices increased once again in October, although by smaller amounts than in previous months. 

Dane County home prices

On a year-over-year basis:

• The price per square foot increased from $218 to $228 (4 percent). 
• The average increased from $470,079 to $482,742 (3 percent). 
• The median price was even at $415,000. 

Through the first 10 months of the year:

• The price per square foot increased from $213 to $225 (5 percent). 
• The average increased from $467,547 to $498,938 (7 percent). 
• And the median increased from $415,000 to $439,554 (6 percent). 

New listings

Prices remain high because listing activity remains low. Only 379 Dane County homes were listed for sale in the month of October, which