As the calendar flips to 2025, it's the perfect time to reflect on how Dane County's real estate market closed out the year. December 2024 provided some interesting insights into market conditions for both single-family homes and condos, offering valuable takeaways for buyers and sellers alike.

How Did 2024 End?

The Dane County housing market saw steady price appreciation despite a slight cooldown in overall activity. Here’s a snapshot of the numbers that defined the end of the year:

• Median Sale Price: $415,000 (up 3.8% from December 2023)
• Average Sale Price: $478,792 (up 8.9% year-over-year)
• Total Sales Volume: $211,626,225 (down 26.6% from December 2023)
• Number of Sales: 435 (down 15.4% year-over-year)
• Median Days on Market (DOM): 16 days (up from 8 days in 2023)
• New Listings: 190 (13.6% fewer than last December)

What Buyers Should Know

1. Fewer Homes, More Time to Decide - New listings dipped in December, which means buyers had fewer options, but the increased days on market (16 compared to 8 last year) offered some breathing room for making decisions.

2. Price Growth Continues, but Competition Eases - Home prices are still climbing, with a 3.8% increase in the median sale price year-over-year. However, buyers weren’t facing as many intense bidding wars, as homes sold just about 1% under asking price on average.

3. Act Strategically in Popular Price Ranges - Homes priced between $400,000 and $500,000 remain the most active segment, so buyers in this range should be prepared to move quickly when they find the right property.

What Sellers Should Know

1. Fewer Listings Mean Less Competition - New listings were down over 13%, which created an opportunity for sellers to stand out. If you’ve been thinking about selling, now is a good time to prepare your home for the spring market.

2. Homes Are Still Selling, but Patience May Be Needed - The median DOM increased to 16 days, meaning homes took longer to sell than they did at the end of 2023. Proper pricing and presentation are more important than ever to attract the right buyers quickly.

3. Presentation Is Key - With fewer buyers actively searching in December, making your home stand out is essential. Professional photography, thoughtful staging, and clear marketing can make a big difference.

Trends by Price Range

• Under $300,000: Inventory remains tight, and homes in this range are still selling quickly, often appealing to first-time buyers.
• $400,000–$500,000: The most competitive price range with the highest sales volume.
• $1,000,000 and Above: Luxury homes are holding their value well, but buyers in this market have more room to negotiate due to longer days on market.

Looking Ahead to 2025

Dane County’s real estate market is showing signs of balance, with slower sales and consistent price growth. For buyers, 2025 may bring opportunities to negotiate and make informed decisions without rushing. Sellers, on the other hand, should take advantage of limited inventory by pricing their homes right and focusing on quality marketing.

Whether you’re buying, selling, or just keeping tabs on the market, staying informed is the first step to success in real estate.

Are you thinking about making a move in 2025? Let’s connect! We’d love to help you navigate the market confidently.