Madison Real Estate Report: House Values Peak at $447K

A Glimpse into Madison, WI’s Real Estate Market Trends

Madison, WI, shows a clear upward trajectory in property values of recent months. Between April 2023 and March 2024, average property values increased, starting at around $420,000 and peaking at close to $447,450 in February 2024, before taking a slight dip to approximately $437,450 in March 2024.

The average value per square reached $242 in January, shortly dropping down to $242 by March this year.

While property values increase, the average sale prices show a contrasting trend. Peaking at approximately $407,000 in September 2023, these sale prices reveal a downward slope, descending to the lowest average of $393,000 in February 2024. The sale price per square foot follows suit, dipping from $233 to $227 in the same period, but it does perk up slightly to $237 by March 2024.

There were 144 properties listed on sale in August 2023, down to 63 homes in January 2024. There were 1,640 sold homes in September 2023, dropping down to 1,258 properties by March 2024.

Nearby cities reflect a varied landscape, with Middleton experiencing a minor decrement in average property values from March to February, followed by an uptick in January 2024. Waunakee encounters a more marked decrease, slipping from close to $650,000 to around $600,000 from January to March 2024. Windsor displays volatility, while Cottage Grove’s average values decrease from $625,000 in January to $600,000 in March. Oregon, contrastingly, displays an impressive value increase, soaring from roughly $448,000 in April 2023 to an eye-catching $652,400 by March 2024.

Analyzing Madison’s Current Real Estate Values and Volumes

Zooming in on the real estate health of Madison and neighboring cities as of March 2024, we can paint a detailed picture. Madison itself boasts an average property value of around $437,000 and a per square foot value of $242. The market offers 104 properties, with an average sale price marked at $410,265 and a per square foot sale value of $237. The number of properties sold lingers at 1,258, indicating a solid but slightly declining market.

When we scope out to the nearby cities, Middleton’s average property values hold at approximately $580,000, with 23 properties within the market. The sale price there averages around $528,000 for the 227 properties sold. Waunakee’s market indicates an average property value of nearly $600,000 with 24 properties available, and the average sale price sits at around $526,000 for the 157 properties sold.

Windsor, had only 2 homes on sale with average property value of about $475,000 and a sale price around $448,000 for the 32 properties sold. Cottage Grove’s benchmark for property value is at $600,000 for its nine properties; however, the sale price drastically differs at approximately $439,000 for the 74 properties sold. Lastly, Oregon shows a high average property value of about $652,400 with 14 properties up for grabs, an average sale price of $412,000, and 138 properties sold reflecting buyer interest in the area despite the higher value per square foot of $208.

These findings bridge a multitude of market responses across different areas but cohesively represent a sector in flux. Madison’s gradually increasing property values against decreasing sale prices could signify a shift in the market towards buyer-friendly conditions, whereas the more drastic value shifts in nearby cities hint at localized factors weighing in on property valuation. Adapting to these variations demands a nimble approach from buyers, sellers, and real estate professionals alike.