November 2024 Real Estate Market Update: Dane County Highlights

As the year winds down, let's take a look at the real estate trends shaping Dane County's market for November 2024. Here's a snapshot of what buyers, sellers, and real estate enthusiasts need to know:.

Key Statistics for November

• Median Sale Price: $437,000 (a 5.9% increase from the previous year).
• Total Sales Volume: $240.9 million, marking a 9.5% growth year-over-year.
• Number of Sales: 494 homes sold, up 3.8% compared to November 2023.
• New Listings Delivered: 306, showing a 14.8% decline from last year.
• Average Percentage Over Asking: -0.41%, slightly lower than the previous year’s -0.93%.
• Median Days on Market (DOM): 14 days, reflecting an increase of 7 days from the prior year.

Market Trends

1. Steady Price Growth: The median sale price continues to rise, showcasing a robust market even as inventory tightens. With a 5.9% annual increase, homes are maintaining strong value growth. 
2. Tightening Inventory: New listings are down nearly 15% from last year, contributing to a competitive environment for buyers. This aligns with a market where demand still outweighs supply. 
3. Days on Market: The median DOM extended to 14 days, indicating slightly longer timeframes for transactions compared to the ultra-competitive pace of 2023.

Five-Year Perspective

Over the past five years, Dane County has experienced steady growth in home values, with a median sale price increase from $397,000 in November 2022 to $437,000 this year. This upward trend highlights the region's desirability and economic vitality.

Takeaways for Buyers and Sellers

• Buyers: Be prepared for competition, particularly in desirable price ranges. While homes are staying on the market slightly longer, demand remains high. 
• Sellers: With rising prices and relatively low inventory, this is still a favorable time to sell, but setting realistic expectations about market time is key.

Dane County's real estate market remains a dynamic space with opportunities and challenges alike. Whether you're buying, selling, or just keeping an eye on the market, staying informed is the first step to making confident decisions.

For more detailed insights or personalized advice, feel free to reach out to our team. We're here to help you navigate the ever-changing real estate landscape!

Neighborhood Highlights

Top Zip Codes for New Listings (Last 60 Days)

1. 53590 - Sun Prairie - 66 new listings
2. 53711 - Madison/Fitchburg - 59 new listings
3. 53704 - Madison - 47 new listings

Top Growing Zip Codes

1. 53711 - Madison: 50 sales, Median Sale Price: $435,000 (8.7% growth in sales)
2. 53593 - Verona: 35 sales, Median Sale Price: $573,900 (21.1% increase in total volume)
3. 53597 - Waunakee: 31 sales, Median Sale Price: $515,000 (121.4% growth in sales)

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