Dane County Real Estate Market Update - July 2024

The latest data from the South Central Wisconsin MLS (SCWMLS) provides a comprehensive look at the housing market in Dane County. Here’s an overview of key statistics and trends as of July 2024.

Market Overview

• Median Sale Price: $455,000 (up 8.9% from last year)
• Total Sales Volume: $349,199,934 (up 15.7% from last year)
• Number of Sales: 662 (up 4.1% from last year)
• New Listings: 728 (up 22.8% from last year)
• Average Sale Price Over Asking: 1.61% (down 1.23% from last year)
• Median Days on Market (DOM): 6 days (no change from last year)

Additional Insights

• Active Listings: 862
• Months of Supply: 1.64 (indicating a tight market)
• Buyer Demand by Price Range:
  • Homes priced between $200,000-$249,999 had a median DOM of 4 days and sold for an average of 3.0% over the asking price.
  • The $350,000-$399,999 range saw the highest number of sales (82), with homes selling 2.6% over asking and a median DOM of 7 days.
  • For homes priced above $600,000, 159 units were sold, with a median DOM of 7 days and selling 1.1% over asking.

What This Means for You
For Buyers:

• Be Ready to Act Fast: Homes are selling quickly, with a median of just 6 days on the market. Have your finances ready to go.
• Prepare for Competitive Offers: Homes are selling for about 1.61% over the asking price on average. Be prepared to offer above the listing price, especially in popular price ranges.
• More Options Available: With more new listings, there are more homes to choose from. Stay updated on new listings and be ready to move quickly.

For Sellers:

• It’s a Great Time to Sell: With rising prices and strong sales, the market is in your favor.
• Price Your Home Wisely: Homes are still selling above asking price. Pricing your home competitively can attract more buyers and potentially increase the final sale price.
• Quick Sales Expected: With homes selling in just 6 days on average, be ready for a fast sale process once you list your home.

How to Use This Information:

• Timing: If you’re thinking about selling, now is a good time. If you’re buying, be prepared to act quickly.
• Expectations: Buyers should expect to pay slightly over the asking price and move fast. Sellers can expect a quick sale and potentially multiple offers.
• Negotiation: Buyers should make competitive offers, and sellers can use this data to price their homes strategically.

The Dane County housing market is strong and competitive. Both buyers and sellers should stay informed and be prepared to navigate the fast-paced market effectively.

*These are the total numbers for Dane County, which includes both single-family homes and condos.

Neighborhood Highlights

Top Zip Codes for New Listings (Last 60 Days)

1. 53590 (Sun Prairie) - 124 listings
2. 53711 (Madison) - 105 listings
3. 53704 (Madison) - 95 listings

Top Zip Codes for Sales (Last 60 Days)

1. 53593 (Verona) - 118 sales, Median Sale Price: $563,849
2. 53711 (Madison) - 116 sales, Median Sale Price: $470,000
3. 53590 (Sun Prairie) - 111 sales, Median Sale Price: $450,000

Top Growing Zip Codes

1. 53562 (Middleton) - 88.9% increase in sales, Total Volume: $36,758,538
2. 53589 (Stoughton) - 18.1% increase in total volume, Median Sale Price: $425,000
3. 53704 (Madison) - 10.6% increase in sales, Total Volume: $22,634,603
4. 53597 (Waunakee) - 17.1% increase in total volume, Median Sale Price: $601,000

Interesting Observations

• Sun Prairie (53590) and Madison (53711) consistently show high activity both in new listings and sales.
• Middleton (53562) and Waunakee (53597) are rapidly growing markets with significant increases in sales and median sale prices.
• Madison (53704) has a notable increase in sales, highlighting it as an emerging area of interest.

These trends highlight vibrant activity in the Madison metropolitan area, with specific suburbs showing robust growth and new listings, making them areas to watch for both buyers and sellers.

*These are the total numbers for Dane County, which includes both single-family homes and condos.