Is Madison, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 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, VA
How much do homes in Madison, VA cost?
Median Sold Price
$350,000
$200/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Madison have sold for 6.4% more than they did a year ago.
Summary: The median home sold price in Madison was $350,000 in May 2024, up 6.4% from last year, and the median price per square foot was $200.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $149.2K | - | N/A |
| 2 Bedrooms | $242.2K | $255K | +5.2% |
| 3 Bedrooms | $308K | $335K | +8.8% |
| 4 Bedrooms | $379.9K | $410K | +7.9% |
| 5+ Bedrooms | $439.9K | $444.5K | +1.0% |
Summary: Madison housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 5.2%, 3 bedroom homes increased by 8.8%, 4 bedroom homes increased by 7.9%, and 5+ bedroom homes increased by 1%.
Median Sold Price Compared To Nearby Cities
| Mattaponi | $314.9K | $357.4K | +13.5% |
| Ruther Glen | $311.4K | $335K | +7.6% |
| Madison | $329K | $350K | +6.4% |
| Berkeley | $416K | $424.1K | +2.0% |
| Woodford | $357.5K | $330K | -7.7% |
Housing Supply in Madison, VA
How many homes are available in Madison, VA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 114 | 140 | +22.8% |
Summary: The Madison real estate market had 140 homes for sale in May 2024, a 22.8% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 6 | 8 | +33.3% |
| 3 Bedrooms | 58 | 74 | +27.6% |
| 4 Bedrooms | 41 | 45 | +9.8% |
| 5+ Bedrooms | 9 | 12 | +33.3% |
Summary: The Madison housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 33.3%, 3 bedroom homes increased by 27.6%, 4 bedroom homes increased by 9.8%, and 5+ bedroom homes increased by 33.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 21 | 27 | +28.6% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
12 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Madison, you could pay more than the asking price. 44.4% of homes here sold above asking price last month.
Summary: A total of 27 homes were sold or pending in Madison in May 2024, up by 28.6% month-over-month. Of the 27 sold homes, 33% were sold under asking, 22% were sold at asking, and 44% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 35 Days | 32 Days | -8.7% |
Summary: Homes in Madison had an average of 32 days on market in May 2024, down by 8.7% compared to last year.
Breakdown of Home Sale Times
18 Homes Were Sold
Under 30 Days
6 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 May 2024, 27 homes were sold in Madison; 67% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 11% of homes were sold over 90 days.
Information is provided by Charlottesville Area Association of Realtors®. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information provided is thought to be reliable but is not guaranteed to be accurate; you are advised to verify facts that are important to you. No warranties, expressed or implied, are provided for the data herein, or for their use or interpretation by the user. 
All or a portion of the multiple Listing information is provided by the Central Virginia Regional Multiple Listing Service, LLC, from a copyrighted compilation of Listings. IDX information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All CVR MLS information provided is deemed reliable but is not guaranteed accurate. The compilation of Listings and each individual Listing are ©2024 Central Virginia Regional Multiple Listing Service,LLC. All rights reserved