Local home prices jumped higher once in again in the month of June. Here’s our latest Dane County single family home report, updated for the month of June, 2023.
Dane County home prices
The price per square foot was $230, which was an increase of 5 percent from last June’s price of $218. The median price increased 3 percent in June. The average price increased 6 percent.
Through the first 6 months of the year, the price per square foot, the median price and the average price were up 5 percent, 5 percent, and 8 percent respectively.
New MLS listings
A total of 507 Dane County homes were listed for sale in the month of June, which was a 31 percent decrease compared to the 731 homes listed for sale in June of 2022. Compared to June of 2021, new listings were down by 36%.
As you can see from the chart below, MLS listings began to trend noticeably lower in June of 2022 — when interest rates moved sharply higher.
Available listings are those that are listed for sale and do not yet have an accepted offer. Right now there are fewer homes available for sale than there were at the same time last year, with only one month of supply available across all of Dane County. Low supply is a key reason why we expect home prices to continue to rise for the foreseeable future.
Accepted offers continued to trend lower in the month of June, decreasing by 13% from the number of offers accepted in June of 2022. Compared to June of 2021, accepted offers were lower by 31 percent.
Note from the chart below that accepted offers began to trend noticeably lower in June of 2022 — when interest rates jumped sharply higher.
Dane County home sales
Madison area home sales (or closings) decreased by 22% year-over-year, and were the 3rd lowest on record for the month of June. Compared to the month of June, 2021, home sales were lower by 32%.
Days on market
Days on market have risen slightly in 2023. In the big picture marketing times remain very low and are a key indicator of a seller-friendly market.
What questions do you have about the Madison area real estate market?
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