Madison Wisconsin Real Estate Market Report – Mar 2024

Below is a glance at the Madison’s real estate market as of Mar, 2024. the median property sale values over the past six months stands at $365,000. Interestingly, this is a slight dip from the previous year’s median of around $373,000. This fluctuation could be a signal of the market responding to broader economic forces or simply seasonal adjustments.

Average foreclosure prices were circa $388,000. While the number of foreclosures is relatively low at 7, the avg value suggests these properties are not necessarily from the lower end of the market.

Auctions remain a small but noteworthy segment, with properties commanding a median value of approximately $396,000. These homes also boast a higher median value per square foot ($255), potentially indicating a competitive bidding environment where properties bear unique attributes or sit in desirable locations.

One property was listed as a bank-owned property at $297,000, reinforcing the overall strength of the market, as distressed properties are not dramatically undervalued.

Properties listed for sale – only 81 in total – had a median value of $420,000. This figure, alongside a median list price of $465,000, suggests a seller’s market where bidding could drive final transaction values even higher.

Recently sold properties, with a sample size of 1,311, give us a median value of approximately $394,000. Here, the median sales price of $365,000 is a nod to how property values have resonated with market demand, directly mirroring the median transaction value over the past six months.

Diving deeper, the submarkets within Madison tell their own distinct stories. The zip code 53711 holds properties with a median list price of $525,000—higher than the median value of $544,000 for properties in this area, hinting at owner optimism or rising demand.

Meanwhile, zip code 53726 stands out with a stratospheric median list price per square foot of $400 and the highest median value in the dataset at over $905,000.

In zip code 53713, affordability is key. Here, the median list price is the lowest at $265,000, aligning with a median value of $337,000, offering more accessible entry points into the market for homebuyers.

Looking beyond Madison, neighboring cities such as Middleton and Waunakee showcase higher median values, up to $649,900—underscored by Cottage Grove’s impressive $289 per square foot selling price in the most recent data point. Clearly, Madison’s gravitational pull affects its neighbors, possibly indicating a spillover where demand in Madison translates into higher values in surrounding locales.