Market Report- Home Prices

Median MLS Home Price – June 2014

Monthly Trend – Dane County Single Family Homes

The median June sales price for Dane County homes was $242,500 – up 3.2% from the June 2013 price of $235,000. The average sales price of $283,713 increased by 3.8% from the June 2013 average of $273,366.

The graph below shows monthly sales prices dating back to January, 2005. Each green data point represents a price increase from the same month of the prior year. Each red data point represents a price decrease. The median price for Dane County single family homes increased 15 out of the last 18 months.

Note the seasonality in sales price. Median home prices are typically highest during the summer months, when buyers across all demographics are out in large numbers competing for the homes that are on the market.

Median and average sales price

Year-to-Date Trend – Madison Area Single Family Homes

Dane County year-to-date single family home prices through the month of June were higher than the year-to-date prices from the year before.

The median year-to-date sales price of $230,000 was up 2.7% from the median price of $224,000 during the same time period in 2013. The average year-to-date sales price of $262,305 was 2.8% higher than the 2013 average year-to-date price of $255,211.

Year-to-Year Sales Comparison

Recent History – Single Family Homes

Prices for single family homes increased significantly during the first 8 years of the decade. From 2000 to 2007, the median sales price jumped from $154,500 to $232,900 – an increase of $78,400 (or 51%). The median price decreased in both 2008 and 2009, rose in 2010 (due to the tax credit), and then decreased again in 2011 and 2012. Prices increased in 2013 due to lower inventories and a high demand for real estate.

Recent History - Single Family Homes