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Dane County condo prices ended the year higher in 2023. Here’s our latest update on the Madison area condo market.
Dane County condo prices
Condo prices in the month of December:
- The price per square foot increased from $195 to $224 (15 percent).
- The average price increased from $308,754 to $339,868 (10 percent).
- The median price increased from $274,500 to $294,950 (7 percent).
Annual price increases (from 2022 to 2023):
- The price per square foot increased from $203 to $216 (7 percent).
- The average price increased from $300,531 to $333,401 (11 percent).
- The median price increased from $268,000 to $300,000 (12 percent).
New condo listings
Only 51 condos were listed for sale in the month of December, which was the third lowest monthly total dating back to the year 2000.
Active listings
Available condo listings (those without an accepted offer) are very close to the levels from each of the last two Januarys. Only 87 Dane County condos (or just .8 months of supply) were available as of January 15th, 2024.
Accepted offers
Accepted offers increased slightly year-over-year. But in the picture, they remain low due to a lack of supply. A total of 70 Dane County condos went under contract in the month December.
Cash offers
Cash offers are occurring much more often right now than in the pre-pandemic market. This is one clear sign of pent-up demand for Madison area condos.
Days on market
Historically low marketing times are another clear sign of pent-up demand. The average days on market in December was only 20 days, which was the lowest on record for the month.
Dane County condo sales
December condo sales were the lowest since 2011. A lack of fresh condo supply is limiting the number of sales in Dane County.
Madison area condo prices will continue to rise in 2024…
Demand continues to be strong while very few new condominiums are being built. What questions do you have about the condo market in the coming year? Please reach out to us with all of your real estate questions. We’re here to be a resource for you, and never with any sales pressure or spin.
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