Market Update

The slowdown that creeps into our lives each fall seems to take everyone by surprise! With the weather changing and a new school year starting, many buyers leave the market during the fall season, leaving opportunities for those buyers still standing. Our Madison housing market continues to have an extremely limited supply of homes for sale, which have kept our sales prices up about 7% from last year. However, due to the limited supply of homes, sales are down significantly (34% this past quarter!)

Affordability is a hurdle in Dane County, both with interest rates at around 7.5% and prices continuing to increase at a 5% rate. However, demand is still strong and buyers are moving to the Madison area from throughout the country for jobs or for the high quality of life that Madison offers. Given the average pace of sales over the past 12 months, we would need around 21,000 additional homes available for sale to get to a balanced market. Therefore, although sellers may need to work a bit hard to prepare their home for the market, Dane County is still enjoying a strong Seller’s Market.

If you are considering a purchase soon, the fall and winter seasons are often the best timing for buyers, as there is much less competition. And if you are considering selling, please reach out asap, strategic planning in listing a property is crucial in the current market. I am already meeting with sellers to create a plan for preparing their home for the 2024 market.