Dane County Real Estate Market Update - June 2024

The latest data from the South Central Wisconsin MLS (SCWMLS) highlights a vibrant housing market in Dane County. Here’s an overview of key statistics and trends as of June 2024.

Market Overview

• Median Sale Price: The median sale price for homes in June was $460,000, reflecting a 9.5% increase from the previous year.
• Total Sales Volume: The total sales volume for June stood at $344.43 million, which represents a 4.2% decrease compared to last year.
• Number of Sales: There were 674 sales in June, showing a 9.9% decrease from the same period last year.
• New Listings Delivered: A total of 664 new listings were added to the market, which is 2.5% less than last year.
• Average Percentage Over Asking: Homes sold for an average of 2.80% over the asking price, slightly down by 0.95% compared to last year.
• Median Days on Market (DOM): The median days on the market was 6 days, the same as the previous year.

Inventory and Demand

• Active Listings: 754 active listings, with a months-of-supply figure of 1.42, showing a strong seller’s market with high demand.
• Pending Listings: 362 pending listings, reflecting ongoing buyer interest.

Sales by Price Range

• Price Ranges: Homes priced between $400,000 and $499,999 saw significant activity with 205 active listings, reflecting strong interest in this segment.
• Higher-End Properties: Homes priced over $600,000 also showed notable activity with 220 active listings, indicating healthy demand in the luxury segment.

Conclusion

The Dane County housing market remains strong with rising prices and quick sales. Despite a slight dip in the percentage over asking price, high demand keeps the market competitive. The increase in new listings is positive, but inventory levels still favor sellers.

For buyers, act swiftly and make competitive offers. For sellers, market conditions are ideal for listing properties.

At Pure Integrity Homes, we’re committed to guiding you through this dynamic market. Whether buying or selling, our team is here to help you achieve your real estate goals with confidence and ease. Stay tuned for more updates and insights!

These statistics include both single-family homes and condos in Dane County.

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

Neighborhood Highlights

Top Zip Codes for New Listings:

• 53590 (Sun Prairie): 127 new listings
• 53711 (Madison): 119 new listings
• 53593 (Verona): 96 new listings

Top Zip Codes for Sales:

• 53593 (Verona): 66 units sold
• 53711 (Madison): 57 units sold
• 53593 (Verona): 57 units sold

Growing Zip Codes in Dane County to Watch

Key Indicators of Growth:

• Total Volume % Change: How much the total sales volume has changed compared to last year.
• Median Sale Price % Change: How much the median sale price has changed compared to last year.
• $/sqft % Change: How much the price per square foot has changed compared to last year.
• Median Days on Market (Median DOM): How long homes are staying on the market before they sell. A decrease means homes are selling faster.
• % Over Asking: The percentage of homes selling above their asking price.

Top Growing Zip Codes

1. 53558 (McFarland)

• Total Volume % Change: +140.2% (Big increase in the total value of homes sold)
• Median Sale Price % Change: +12.9% (Homes are selling for higher prices)
• $/sqft % Change: +23.6% (The price per square foot is going up)
• Median DOM: 0 days (unchanged) (Homes are selling just as fast as last year)
• % Over Asking: +3.2% (More homes are selling for over their asking price)
• Summary: McFarland is experiencing a very strong market with big increases in sales volume and home prices.

2. 53572 (Mount Horeb)

• Total Volume % Change: +77.9% (A lot more homes are being sold)
• Median Sale Price % Change: 0.0% (Home prices are stable)
• $/sqft % Change: +22.6% (The price per square foot is rising significantly)
• Median DOM: +3 days (Homes are taking a bit longer to sell)
• % Over Asking: +1.1% (More homes are selling for over the asking price)
• Summary: Mount Horeb shows strong growth with a significant increase in sales volume and stable home prices

 3. 53562 (Middleton)

• Total Volume % Change: +11.6% (More homes are being sold, increasing the total sales value)
• Median Sale Price % Change: -6.4% (Homes are slightly cheaper compared to last year)
• $/sqft % Change: -6.4% (The price per square foot is slightly lower)
• Median DOM: +1 day (Homes are selling a bit slower than last year)
• % Over Asking: -0.3% (Slightly fewer homes are selling over the asking price)
• Summary: Middleton has growing sales activity, indicating increased interest despite slight decreases in home prices.