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Dane County home prices increased once again in November. Here’s our latest monthly update on the single family home market.
Dane County home prices
Home prices in the month of November:
- The price per square foot increased by 7 percent compared to November of 2022.
- The average price increased by 9 percent.
- The median price increased by 8 percent.
Home prices through the first 11 months of the year:
- The price per square foot increased by 5 percent during the first 11 months of the year.
- The average price increased 7 percent.
- The median price increased 5 percent.
New listings
Prices remain high because listing activity remains low. A total of 262 Dane County homes were listed for sale in the month of November, which was just slightly above last November’s record low.
Active listings
As a result, available listings (those without an accepted offer) are running low, as well. Only 474 Dane County homes (or 1.2 months of supply) were available for sale on December 11th. This is slightly above the available listing totals from each of the last two Decembers.
Accepted offers
Dane County contract signings continue to trend lower due to a lack of fresh supply. Only 250 listings went under contract last month, which was the lowest total for any month of November since 2011.
Competing offers
The percentage of listings receiving multiple offers continues to run much higher than an in the pre-pandemic market. This is one clear sign of pent-up demand in the Madison area, where buyers outnumber sellers in our low supply market. Thirty-seven percent of all accepted offers received multiple offers in October, which was a new high for the month.
Cash offers
Cash offers are occurring much more often, too, which is another clear sign of pent-up demand. Twenty-three percent of all November closings involved cash offers, which was a record high for the month.
Days on market
Historically low marketing times are another clear sign of pent-up demand. The average days on market in November was only 24 days, which was the second-lowest on record for the month.
Dane County home sales
November home sales increased slightly from the number of homes sold in November, 2022. but were lower compared to all of the November totals from 2015 to 2021. A lack of new listings is limiting the number of sales in Dane County.
Where will the Dane County real estate market go from here?
We’re predicting Madison area real estate prices will rise once again in 2024, and for these 10 main reasons. What questions do you have about the market in the coming year? Please reach out to us with all of your real estate questions and concerns. We’re here to help.
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