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
$390,000
$180/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Madison was $390,000 in March 2024, up 13% from last year, and the median price per square foot was $180.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | $149.2K | N/A |
2 Bedrooms | $124.5K | $250K | +100.8% |
3 Bedrooms | $315K | $354.9K | +12.7% |
4 Bedrooms | $370K | $429.5K | +16.1% |
5+ Bedrooms | $565K | $460K | -18.6% |
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 increased by 100.8%, 3 bedroom homes increased by 12.7%, 4 bedroom homes increased by 16.1%, and 5+ bedroom homes decreased by 18.6%.
Housing Supply in Madison, VA
How many homes are available in Madison, VA?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
47 | 52 | +10.6% |
Summary: The Madison real estate market had 52 homes for sale in March 2024, a 10.6% 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 | 5 | 9 | +80.0% |
3 Bedrooms | 18 | 19 | +5.6% |
4 Bedrooms | 18 | 20 | +11.1% |
5+ Bedrooms | 6 | 4 | -33.3% |
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 80%, 3 bedroom homes increased by 5.6%, 4 bedroom homes increased by 11.1%, and 5+ bedroom homes decreased by 33.3%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
9 | 14 | +55.6% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Summary: A total of 14 homes were sold or pending in Madison in March 2024, up by 55.6% month-over-month. Of the 14 sold homes, 43% were sold under asking, 50% were sold at asking, and 7% 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 |
---|---|---|
49 Days | 74 Days | +50.6% |
Summary: Homes in Madison had an average of 74 days on market in Mar 2024, up by 50.6% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Summary: During March 2024, 14 homes were sold in Madison; 7% of homes were sold within 30 days, 57% of homes were sold within 30 to 90 days, and 36% of homes were sold over 90 days.