Here is our newest perception into the Dane County single household dwelling market, protecting the month of July, 2023.
July Dane County dwelling costs
Madison space dwelling costs continued to rise in July, and by all measures:
- The value per sq. foot of $225 rose by 6 p.c from the $213 in July of 2022.
- The median worth of $446,154 additionally grew by 6 p.c.
- And the typical worth of $505,915 elevated by 5 p.c.
We’re anticipating costs to proceed to rise for the foreseeable future primarily based on all of our present provide and demand developments — maintain studying for extra perception.
July MLS listings
Because the chart beneath reveals, MLS itemizing exercise decreased considerably final summer season when rates of interest moved sharply larger. And listings have been trending decrease ever since. Proper now, itemizing exercise is sort of 40 p.c decrease than it was on the similar time two years in the past.
What’s extra, new listings are coming into the market on the slowest tempo on file.
With fewer houses coming into the market, fewer houses can be found for patrons to buy. Proper now there are lower than 500 accessible houses (these with out an accepted provide) in Dane County. Word from the graph beneath, that there have been nicely above 500 accessible listings on the similar time in 2022 and in 2021.
Madison space dwelling costs maintain rising as a result of the p.c of listings receiving competing gives stays elevated. Word from the chart beneath that the competing provide share continues to be very excessive when in comparison with pre-pandemic ranges.
Low provide continues to restrict the variety of houses going beneath contract in Dane County.
July Dane County dwelling gross sales
July dwelling gross sales (or closings) have been the bottom since July of 2011.
Days on market
Days on market proceed to development alongside traditionally low ranges.
We’re in a brand new period for actual property
And most of the outdated guidelines, primarily based on ample provide, now not apply. Listed below are 9 reasons why we anticipate excessive costs and low provide in Dane County for the foreseeable future.
How does the market influence you and your actual property objectives? We’re all the time accessible for a dialog, and we might love that can assist you plan in your future. Reach out to us everytime you want somewhat assist.