Here's our latest update on the Dane County single family home market. All numbers are sourced from the South Central Wisconsin MLS.
September 2024 home prices
Madison area home prices continued to rise, and by all measures:
- The price per square foot rose from $229 in September of 2023 to $250 in September of 2024, an increase of 8 percent.
- The median price grew from $450,000 to $460,000, an increase of 2 percent.
- The average price rose from $505,794 to $533,719, an increase of 6 percent.
New MLS listings
MLS listings rebounded (slightly) above the historic low from September of 2023.
Active listings
Active listings (those without an accepted offer) have been rising in 2024. As of October 5th, 740 listings and 1.8 months of single family home supply are available for sale in Dane County.
Accepted offers
Buyers responded positively to slightly lower mortgage rates last month. A total of 391 Dane County single family home listings went under contract in the month of September, which was a nice increase from each of the last two Septembers.
Cash offers
The percentage of listings receiving cash offers is trending lower in 2024, which is a healthy development for our market.
Competing offers
Competing offers and bidding wars have been cooling somewhat in 2024, which is another positive development for the Dane County real estate market.
Days on market
The average days on market in September was 24 days. This is a little higher than each of the last 3 years, but lower than every other year this century.
Dane County home sales
A total of 370 Dane County homes sold on the MLS in September, which was a slight decrease from last September. Through the first 9 months of the year, home sales are up 6 percent.
Looking ahead to the 4th quarter
With supply improving this year, we're expecting more home sales this quarter compared to the 4th quarter of 2023 -- but with less competition. If you should have any questions about your individual real estate situation, just reach out to our team. We're always available to discuss your goals and help you make good decisions for your future.
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