Is Madison, WI 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.
Key Takeaway
Madison is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Madison, WI
How much do homes in Madison, WI cost?
Median Sold Price
$390,728
$228/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Madison have sold for 40.9% more than they did a year ago.
Summary: The median home sold price in Madison was $390,728 in March 2024, up 40.9% from last year, and the median price per square foot was $228.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $250K | $267.5K | +7.0% |
| 2 Bedrooms | $245.3K | $297.2K | +21.2% |
| 3 Bedrooms | $315K | $396.3K | +25.8% |
| 4 Bedrooms | $477.5K | $520K | +8.9% |
| 5+ Bedrooms | $696.7K | $693K | -0.5% |
Summary: Madison housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 7%, 2 bedroom homes increased by 21.2%, 3 bedroom homes increased by 25.8%, 4 bedroom homes increased by 8.9%, and 5+ bedroom homes decreased by 0.5%.
Median Sold Price Compared To Nearby Cities
| Madison | $277.2K | $390.7K | +40.9% |
| Monona | $325K | $450K | +38.5% |
Housing Supply in Madison, WI
How many homes are available in Madison, WI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 525 | 600 | +14.3% |
Summary: The Madison real estate market had 600 homes for sale in March 2024, a 14.3% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 32 | 38 | +18.8% |
| 2 Bedrooms | 130 | 155 | +19.2% |
| 3 Bedrooms | 237 | 272 | +14.8% |
| 4 Bedrooms | 98 | 112 | +14.3% |
| 5+ Bedrooms | 28 | 23 | -17.9% |
Summary: The Madison housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 18.8%, 2 bedroom homes increased by 19.2%, 3 bedroom homes increased by 14.8%, 4 bedroom homes increased by 14.3%, and 5+ bedroom homes decreased by 17.9%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 123 | 164 | +33.3% |
Asking Price vs. Sold Price
35 Homes Were Sold
Under Asking
31 Homes Were Sold
At Asking
98 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Madison, you could pay more than the asking price. 59.8% of homes here sold above asking price last month.
Summary: A total of 164 homes were sold or pending in Madison in March 2024, up by 33.3% month-over-month. Of the 164 sold homes, 21% were sold under asking, 19% were sold at asking, and 60% were sold over asking.
Days on Market for Madison, WI
We’re sorry, we don't have information for this market at the moment
