Is Madison, NC a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Madison has remained a Seller's Market.
Key Takeaway
Madison is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Madison, NC
How much do homes in Madison, NC cost?
Median Sold Price
$257,500
$162/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Madison have sold for 17% more than they did a year ago.
Summary: The median home sold price in Madison was $257,500 in May 2024, up 17% from last year, and the median price per square foot was $162.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $45K | $244.7K | +443.9% |
| 2 Bedrooms | $125K | $171.9K | +37.5% |
| 3 Bedrooms | $240K | $255K | +6.3% |
| 4 Bedrooms | $325K | $330K | +1.5% |
| 5+ Bedrooms | $375K | - | N/A |
Summary: Madison housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 443.9%, 2 bedroom homes increased by 37.5%, 3 bedroom homes increased by 6.3%, 4 bedroom homes increased by 1.5%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Mayodan | $158.7K | $188.2K | +18.6% |
| Madison Township | $190.5K | $223.5K | +17.3% |
| Madison | $220K | $257.5K | +17.0% |
| Huntsville Township | $295K | $305K | +3.4% |
| Mayo Township | $265K | $240K | -9.4% |
Housing Supply in Madison, NC
How many homes are available in Madison, NC?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 20 | 22 | +10.0% |
Summary: The Madison real estate market had 22 homes for sale in May 2024, a 10.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 3 | 6 | +100.0% |
| 3 Bedrooms | 15 | 13 | -13.3% |
| 4 Bedrooms | 2 | 2 | 0.0% |
| 5+ Bedrooms | 0 | 1 | +100.0% |
Summary: The Madison housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 100%, 3 bedroom homes decreased by 13.3%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 3 | 8 | +166.7% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Madison, you may be able to get a good deal. 37.5% of homes here sold below asking price last month.
Summary: A total of 8 homes were sold or pending in Madison in May 2024, up by 166.7% month-over-month. Of the 8 sold homes, 38% were sold under asking, 38% were sold at asking, and 25% were sold over asking.
Days on Market for Madison, NC
How long does it take to sell a home in Madison, NC?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 20 Days | 18 Days | -9.0% |
Summary: Homes in Madison had an average of 18 days on market in May 2024, down by 9% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Madison are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 8 homes were sold in Madison; 75% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
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