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Low inventory continues to rule the market in Dane County, and it’s low inventory that continues to drive prices higher.
Dane County home prices
On a year-over-year basis:
- The price per square foot increased by 7 percent.
- The average price increased by the same amount.
- And the median price jumped by 12 percent.
Through the first 9 months of the year:
- The price per square foot was up 5 percent.
- The average was up 7 percent.
- And the median was up 6 percent.
New listings
New MLS listings continue to enter the market at an historically slow pace. Only 406 homes were listed for sale in September, which was the lowest on record for Dane County. Listings have been trending much lower since the summer of 2022, when mortgage rates began to move noticeably higher.
Active inventory
Active listings (those without an accepted) remain low in the Madison area. As of October 8th, only 1.5 months of supply are available in all of Dane County.
Accepted offers
Only 324 offers were accepted in September, which was the lowest since 2012. A scarcity of new listings is limiting the number of contracts written in 2023.
Home sales
Dane County home sales (or closings) were also the lowest since 2012.
Cash offers
Cash offers remain very common in Dane County. Eighteen percent of the closings in September involved cash offers, compared to 10 percent just four years ago. A high percentage of cash offers is indicative of a market where supply and demand are out of balance.
Stay tuned for the rest of our real estate update, coming real soon…
1619 Monroe Street #1, Madison, WI, 53711
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