Market Heatwave: July’s Impact on Madison’s Real Estate Landscape

Here are the latest stats you need to know about the local housing market.

Today, let’s delve into the 2023 real estate market trends in the greater Madison and Dane County area.

In July 2023, data from the south-central Wisconsin Multiple Listing Service revealed significant shifts. New listings dropped by 21.9%, with 159 fewer listings due to reduced available homes for sale. Sales also experienced a decline of about 22%, with 179 fewer completed transactions. Despite this, a substantial number of buyers remained interested in the limited listings.

Consequently, this scarcity of listings propelled pricing upwards. The average sale price surged by 8.2%, amounting to an increase of $36,101 compared to the previous year. Median prices followed suit, rising by nearly 7%, translating to a $27,450 increase. By the end of the month, the available listings were 19.4% fewer than the previous July.


“In July 2023, data from the south-central Wisconsin Multiple Listing Service revealed significant shifts.”


Zooming out to a year-to-date perspective, comparing January through July 2023 with the same period in 2022, the numbers demonstrated remarkable similarity. New listings were down 20.2%, while sales decreased by 21.8%. However, prices continued to climb, with average sale prices rising by 7.9% and median sale prices by 6.5%. This trend persists, with buyers showing interest despite higher interest rates. Presently, the 30-year fixed loan rate stands at 7.25%, a notable increase from historic lows around 3%.

Shifting focus to the greater Madison area, if you go to, you’ll see some real-time market statistics. Currently, there are 280 active listings, encompassing properties under various contingencies. Of these, 135 listings lack accepted offers, indicating available inventory. Also, supply levels are crucial indicators; we have 0.59 months of supply. This figure indicates a pronounced seller’s market, as demand outpaces supply. Conversely, a balanced market would boast six months of supply, and a buyer’s market would exceed this threshold. Utilize this tool to explore listings and more on the website.

If you want to learn more about our local market or need help with your real estate goals, call or email me. I’m always happy to help.

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