Is Madison, TN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 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, TN
How much do homes in Madison, TN cost?
Median Sold Price
$328,675
$223/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
The sold price of homes in Madison has remained the same since last year.
Summary: The median home sold price in Madison was $328,675 in April 2024, down 0.3% from last year, and the median price per square foot was $223.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $150K | $180K | +20.0% |
| 2 Bedrooms | $260K | $260K | 0.0% |
| 3 Bedrooms | $355K | $340K | -4.2% |
| 4 Bedrooms | $480K | $444K | -7.5% |
| 5+ Bedrooms | $619.4K | $540K | -12.8% |
Summary: Madison housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 20%, 2 bedroom homes did not change, 3 bedroom homes decreased by 4.2%, 4 bedroom homes decreased by 7.5%, and 5+ bedroom homes decreased by 12.8%.
Housing Supply in Madison, TN
How many homes are available in Madison, TN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 196 | 202 | +3.1% |
Summary: The Madison real estate market had 202 homes for sale in April 2024, a 3.1% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 5 | +25.0% |
| 2 Bedrooms | 56 | 52 | -7.1% |
| 3 Bedrooms | 102 | 107 | +4.9% |
| 4 Bedrooms | 26 | 28 | +7.7% |
| 5+ Bedrooms | 8 | 10 | +25.0% |
Summary: The Madison housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 25%, 2 bedroom homes decreased by 7.1%, 3 bedroom homes increased by 4.9%, 4 bedroom homes increased by 7.7%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 43 | 39 | -9.3% |
Asking Price vs. Sold Price
21 Homes Were Sold
Under Asking
10 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Madison, you may be able to get a good deal. 53.8% of homes here sold below asking price last month.
Summary: A total of 39 homes were sold or pending in Madison in April 2024, down by 9.3% month-over-month. Of the 39 sold homes, 54% were sold under asking, 26% were sold at asking, and 21% were sold over asking.
Days on Market for Madison, TN
How long does it take to sell a home in Madison, TN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 38 Days | 33 Days | -11.8% |
Summary: Homes in Madison had an average of 33 days on market in Apr 2024, down by 11.8% compared to last year.
Breakdown of Home Sale Times
24 Homes Were Sold
Under 30 Days
12 Homes Were Sold
In 30 - 90 Days
3 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 April 2024, 39 homes were sold in Madison; 62% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
Listings courtesy of RealTracs Middle Tennessee Regional MLS as distributed by MLS GRID.
© 2024 of the REALTRACS MLS. All rights Reserved.