Home prices continue to rise in Dane County, and by all measures. Here’s our latest single family home update for the month of May, 2023.
Dane County home prices
The price per square foot increased to $229, which was a new record for our market and up 5 percent year-over-year. The median price was $449,900, which was up 6 percent. And the average price was $517,046 (up 8 percent).
New MLS listings
Only 585 single family homes were listed for sale last month, which was the second lowest total this century for the month of May. Higher mortgage rates are causing many would-be sellers to pause and put their real estate plans on hold.
Right now there are fewer active single family home listings (those without accepted offers) than there were at this time last year. Only 1 month of home supply is available across all of Dane County.
Now that our first quarter data is mostly finalized, it’s clear a lower percentage of listings have been receiving multiple offers this year. We do expect our preliminary numbers for the month of April to drop once more of our data is in. A lower percentage of competing offers is good for the market and for controlling home prices, but it’s important to note that competing offers are still very high compared to most other years in the recent past.
With fewer buyers in the market, and fewer homes to buy, accepted offers continue to trend lower in 2023.
Madison area home sales
Similarly, Dane County home sales are trending much lower, too.
Days on market
Days on market have risen slightly in the Madison area, but still remain very low when compared to almost every other year this century.
The months ahead
We do expect a sellers’ market for the foreseeable future, but due to the seasonal nature of our market, market conditions will become a little more friendly to buyers during the second half of the year. Buyers who remain patient and persistent will be the ones who are eventually rewarded with a home in 2023.