May 2024 Dane County, Wisconsin Market Review

The latest data from the South Central Wisconsin MLS (SCWMLS) provides a comprehensive snapshot of the housing market in Dane County as of June 2024. Here are the key highlights:

Market Overview

• Total Sales Volume: $329,911,466, a notable 18% increase from the previous year.
• Number of Sales: 656 homes sold, up 13.5% from the previous year.
• Median Sale Price: $449,500, reflecting a 7% rise year-over-year.
• New Listings: 777 new homes entered the market, a slight 2.1% increase from last year.
• Average Percentage Over Asking Price: Homes sold at an average of 3.01% over the asking price, which is a slight decrease of 0.62% from last year.
• Median Days on Market (DOM): Homes are selling quickly, with a median DOM of just 6 days, up by 1 day from the previous year.

Inventory and Demand

• Active Listings: The market currently has 726 active listings, indicating a months-of-supply figure of 1.35. This suggests a strong seller's market, with high buyer demand outpacing the available inventory.
• Pending Listings: There are 437 pending listings demonstrating ongoing buyer interest and activity.

Sales by Price Range

• The market has seen significant activity across various price ranges, with the highest volume of sales occurring in the $400,000-$449,999 range (96 units sold).
• The luxury market ($600,000+) also remains robust, with 154 homes sold in this range.

Neighborhood Highlights

• Top Zip Codes for New Listings: 53590 (Sun Prairie) leads with 123 new listings, followed by 53711 (Madison) with 117, and 53593 (Verona) with 108.
• Median Sale Price by Zip Code: The highest median sale prices were recorded in 53597 (Waunakee) at $618,000 and 53593 (Verona) at $575,000.

Conclusion

The housing market in Dane County continues to show strength with rising median sale prices and quick sales turnaround. Despite a slight dip in the percentage over asking price, the demand remains high, keeping the market competitive. The steady increase in new listings indicates a healthy influx of properties, though inventory levels still suggest a seller's market.

For buyers, this means acting swiftly and being prepared to make competitive offers. For sellers, the current market conditions are favorable for listing properties, with high demand and strong sale prices.

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