October 2024 Housing Market Overview for Dane County

As fall deepens, Dane County’s housing market is showing some seasonal shifts that offer unique opportunities for both buyers and sellers. Here’s a quick look at the key trends.

1. Tight but Increasing Inventory

Inventory remains limited, though October saw a 19.7% jump in new listings. This boost provides a bit more choice for buyers, but competition remains high. Buyers should be ready to move quickly, while sellers can still benefit from solid demand with the right pricing.

2. Stable Prices with Modest Growth
Home prices in Dane County are stable, with a median sale price around $450,000. October’s median price increased by 10.5% from last year, reflecting ongoing demand. Sellers can feel confident about their property value, while buyers should be prepared for moderate price increases.

3. Interest Rates Affecting Buyer Decisions
Higher mortgage rates are impacting affordability, especially for first-time buyers. Some buyers are waiting for potential rate declines, though demand remains strong from those relocating to the area. Sellers may need to be flexible with terms.

4. Seasonal Slowdown with Potential Advantages
The usual fall slowdown means fewer buyers, which can be an advantage for those actively looking. For sellers, this season offers a chance to stand out with competitive pricing and well-prepared listings.

5. Active Market with Quick Sales
Despite the seasonal changes, October was busy, with 516 homes sold, up 9.8% from last year. Homes spend a median of 12 days on the market, giving buyers a bit more time, but not much.

What Does This Mean for Buyers?

October’s trends suggest a slight easing in competition and more options than during peak summer months. However, quick decision-making remains essential, as properties still sell in days. With interest rates high, buyers should ensure their financing is ready and have a clear understanding of what they’re looking for. This can help make the process smoother and position them well in a still-competitive environment.

What Does This Mean for Sellers?

Dane County continues to be a seller-friendly market, with strong demand and rising prices. However, homes may take a bit longer to sell compared to earlier in the year, making it important to price accurately and ensure homes are move-in ready. A well-presented home priced competitively can attract motivated buyers even in a slightly slower season, ensuring a smoother transaction process.

Looking Ahead: Resilience in the Dane County Market

As we move toward the end of 2024, market experts expect Dane County’s real estate to stay resilient. The area’s robust economy, strong job market, and ongoing influx of new residents keep demand high. However, sustained high mortgage rates and limited inventory may moderate price growth as we head into winter. For both buyers and sellers, staying informed and working with experienced local professionals can make a big difference in navigating these shifting dynamics effectively.

Neighborhood Highlights

Top Zip Codes for New Listings (Last 60 Days)

1. 53711 - Madison/Fitchburg - 80 new listings
2. 53590 - Sun Prairie - 79 new listings
3. 53704 - Madison - 75 new listings

Top Zip Codes for Sales (Last 60 Days)

1. 53726 – Madison: 6 sales, Median Sale Price: $620,000
2. 53717 – Madison/Middleton: 20 sales, Median Sale Price: $550,000
3. 53593 – Verona/Madison: 82 sales, Median Sale Price: $525,000

Top Growing Zip Codes

1. 53527 - Cottage Grove: 180% growth in sales volume
2. 53532 - DeForest: 55.6% growth in sales volume
3. 53719 - Madison (west side): 40% growth in sales volume

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