Here’s a breakdown of the latest stats and trends in Madison real estate.
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Today I have a brief market update covering a few key stats and a few surprising trends.
Let’s start with inventory levels. We haven’t seen them this low in quite some time. At the end of October, we had fewer homes for sale than we’ve had in over a decade.
On our home search site, you can get stats for each market we cover from Middleton to Verona. For the purposes of this video, we’ll focus on the latest numbers for Madison.
The median days on market for sold homes is just six.
Currently, there are only 377 active listings, and 223 of them are pending. That means there are just 154 homes available for purchase right now, which equals 0.49 months of inventory. For reference, a balanced market has six months’ worth of inventory. The average days on market of 52 is slightly misleading because there are some properties on the market that are overpriced and causing that number to jump. The average days on market for sold properties in Madison is just 21, and the median days on market is just six.
As for home prices in Madison, the average sale price over the last 12 months is $356,000, and the median sale price is $330,000. With low inventory and strong demand, this is a great market to sell in. The low interest rates make buying a home a strong move as well.
If you have any questions about the market, these stats, or anything else related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.