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Dane County home prices increased once again in October, although by smaller amounts than in previous months.
Dane County home prices
On a year-over-year basis:
- The price per square foot increased from $218 to $228 (4 percent).
- The average increased from $470,079 to $482,742 (3 percent).
- The median price was even at $415,000.
Through the first 10 months of the year:
- The price per square foot increased from $213 to $225 (5 percent).
- The average increased from $467,547 to $498,938 (7 percent).
- And the median increased from $415,000 to $439,554 (6 percent).
New listings
Prices remain high because listing activity remains low. Only 379 Dane County homes were listed for sale in the month of October, which was the lowest on record for the month.
Active listings
As a result, available listings (those without an accepted offer) are running low, as well. Only 570 Dane County homes (or 1.5 months of supply) were available for sale on November 5th. This is slightly above the available listing totals from each of the last two Novembers, but it’s still far too low to accommodate the demand for real estate in the Madison area.
Accepted offers
Contract signings continue to trend lower due to a lack of new listings. Only 369 listings went under contract last month, which was the lowest total for any month of October since 2013.
Stay tuned for the rest of market update, coming real soon…
1619 Monroe Street #1, Madison, WI, 53711
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