Is Madison, WI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 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
$390,331
$229/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Madison have sold for 32.8% more than they did a year ago.
Summary: The median home sold price in Madison was $390,331 in April 2024, up 32.8% from last year, and the median price per square foot was $229.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $250K | $258.7K | +3.5% |
| 2 Bedrooms | $251K | $299.6K | +19.4% |
| 3 Bedrooms | $340K | $398K | +17.1% |
| 4 Bedrooms | $500K | $520K | +4.0% |
| 5+ Bedrooms | $595.2K | $700K | +17.6% |
Summary: Madison housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 3.5%, 2 bedroom homes increased by 19.4%, 3 bedroom homes increased by 17.1%, 4 bedroom homes increased by 4%, and 5+ bedroom homes increased by 17.6%.
Median Sold Price Compared To Nearby Cities
| Madison | $294K | $390.3K | +32.8% |
| Monona | $355K | $450K | +26.8% |
Housing Supply in Madison, WI
How many homes are available in Madison, WI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 690 | 813 | +17.8% |
Summary: The Madison real estate market had 813 homes for sale in April 2024, a 17.8% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 38 | 41 | +7.9% |
| 2 Bedrooms | 180 | 204 | +13.3% |
| 3 Bedrooms | 314 | 371 | +18.2% |
| 4 Bedrooms | 130 | 159 | +22.3% |
| 5+ Bedrooms | 28 | 38 | +35.7% |
Summary: The Madison housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 7.9%, 2 bedroom homes increased by 13.3%, 3 bedroom homes increased by 18.2%, 4 bedroom homes increased by 22.3%, and 5+ bedroom homes increased by 35.7%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 178 | 208 | +16.9% |
Asking Price vs. Sold Price
38 Homes Were Sold
Under Asking
32 Homes Were Sold
At Asking
138 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Madison, you could pay more than the asking price. 66.3% of homes here sold above asking price last month.
Summary: A total of 208 homes were sold or pending in Madison in April 2024, up by 16.9% month-over-month. Of the 208 sold homes, 18% were sold under asking, 15% were sold at asking, and 66% were sold over asking.
Days on Market for Madison, WI
We’re sorry, we don't have information for this market at the moment
