Is Madison, WI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since August 2022
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
How much do homes in Madison, WI cost?
Median Sold Price
$364,978
$219/sqft
Based on all homes sold in the last 12 months.
Difference Since August 2022
Key Takeaway
Homes in Madison have sold for 43% more than they did a year ago.
Summary: The median home sold price in Madison was $364,978 in August 2023, up 43% from last year, and the median price per square foot was $219.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Aug 2022 | Aug 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $225K | $250K | +11.1% |
| 2 Bedrooms | $236.7K | $275K | +16.1% |
| 3 Bedrooms | $308.7K | $385.4K | +24.9% |
| 4 Bedrooms | $440K | $537.5K | +22.2% |
| 5+ Bedrooms | $527.7K | $750K | +42.1% |
Summary: Madison housing prices by bedroom type for August 2023 compared to the previous year: The home price of 1 bedroom homes increased by 11.1%, 2 bedroom homes increased by 16.1%, 3 bedroom homes increased by 24.9%, 4 bedroom homes increased by 22.2%, and 5+ bedroom homes increased by 42.1%.
Median Sold Price Compared To Nearby Cities
| Monona | $240K | $405.9K | +69.1% |
| Madison | $255.3K | $364.9K | +43.0% |
Housing Supply
How many homes are available in Madison, WI?
Number of Homes For Sale
| Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|
| 732 | 638 | -12.8% |
Summary: The Madison real estate market had 638 homes for sale in August 2023, a 12.8% decrease compared to July 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 35 | 34 | -2.9% |
| 2 Bedrooms | 164 | 144 | -12.2% |
| 3 Bedrooms | 340 | 288 | -15.3% |
| 4 Bedrooms | 153 | 136 | -11.1% |
| 5+ Bedrooms | 40 | 36 | -10.0% |
Summary: The Madison housing inventory by bedroom type for August 2023 compared to the previous month: The inventory of 1 bedroom homes decreased by 2.9%, 2 bedroom homes decreased by 12.2%, 3 bedroom homes decreased by 15.3%, 4 bedroom homes decreased by 11.1%, and 5+ bedroom homes decreased by 10%.
Number of Homes Sold
| Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|
| 274 | 221 | -19.3% |
Asking Price vs. Sold Price
52 Homes Were Sold
Under Asking
29 Homes Were Sold
At Asking
140 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Madison, you could pay more than the asking price. 63.3% of homes here sold above asking price last month.
Summary: A total of 221 homes were sold or pending in Madison in August 2023, down by 19.3% month-over-month. Of the 221 sold homes, 24% were sold under asking, 13% were sold at asking, and 63% were sold over asking.
