Market Update

A sellers’ market continues in Dane County! Although interest rates and lack of inventory have caused many buyers to move to the sidelines, there are enough buyers ready to pounce when the right house presents itself to continue to keep home prices high and competition among buyers. 

There has been a “lock-in” effect where homeowners sitting on a 3-4% interest rate cannot financially take on both a higher house price and a 6-7% interest rate. Along with the lock-in effect, we also see the “age in place” trend underway. The baby boomer generation is showing us that modifying your existing home can allow seniors to stay in their homes and neighborhoods as long as possible. Keeping people in their homes is great, but it forces younger generations to continue renting much longer.

In summary, if a person wants to buy a home in Dane County, the buyer needs to be highly motivated, focused, determined, financially capable, and have a knowledgeable and strategic realtor. The continued tight inventory has kept home prices high and allows sellers who have a home in good condition and in a desired area to demand very favorable terms. If you have a house to sell, don’t wait, the time is now!   

Now, let’s run the numbers...

A 9% increase in median price in Dane County when comparing Q1, 2023 and Q1, 2024.

There has been a 4% decrease in # of homes sold when comparing Q1 of 2023 and Q1 of 2024.