Is Madison, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Madison has remained a Seller's Market.
Housing Prices in Madison, VA
How much do homes in Madison, VA cost?
Median Sold Price
$340,000
$201/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Madison was $340,000 in March 2024, up 1.3% from last year, and the median price per square foot was $201.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | $149.2K | N/A |
2 Bedrooms | $255K | $252.5K | -1.0% |
3 Bedrooms | $315K | $320K | +1.6% |
4 Bedrooms | $399.9K | $400K | 0.0% |
5+ Bedrooms | $432K | $427.9K | -0.9% |
Summary: Madison housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 1%, 3 bedroom homes increased by 1.6%, 4 bedroom homes did not change, and 5+ bedroom homes decreased by 0.9%.
Median Sold Price Compared To Nearby Cities
Mattaponi | $319K | $344.9K | +8.1% |
Madison | $335.7K | $340K | +1.3% |
Berkeley | $427.2K | $424.4K | -0.7% |
Ruther Glen | $325.5K | $322.9K | -0.8% |
Housing Supply in Madison, VA
How many homes are available in Madison, VA?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
179 | 191 | +6.7% |
Summary: The Madison real estate market had 191 homes for sale in March 2024, a 6.7% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 7 | 9 | +28.6% |
3 Bedrooms | 96 | 102 | +6.3% |
4 Bedrooms | 60 | 62 | +3.3% |
5+ Bedrooms | 16 | 18 | +12.5% |
Summary: The Madison housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 28.6%, 3 bedroom homes increased by 6.3%, 4 bedroom homes increased by 3.3%, and 5+ bedroom homes increased by 12.5%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
24 | 33 | +37.5% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
17 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Summary: A total of 33 homes were sold or pending in Madison in March 2024, up by 37.5% month-over-month. Of the 33 sold homes, 27% were sold under asking, 52% were sold at asking, and 21% were sold over asking.
Days on Market for Madison, VA
How long does it take to sell a home in Madison, VA?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
80 Days | 49 Days | -38.6% |
Summary: Homes in Madison had an average of 49 days on market in Mar 2024, down by 38.6% compared to last year.
Breakdown of Home Sale Times
14 Homes Were Sold
Under 30 Days
12 Homes Were Sold
In 30 - 90 Days
7 Homes Were Sold
Over 90 Days
Summary: During March 2024, 33 homes were sold in Madison; 42% of homes were sold within 30 days, 36% of homes were sold within 30 to 90 days, and 21% of homes were sold over 90 days.