As the Madison area real estate market continues to evolve this summer, we'll be publishing some new predictions for the rest of 2022. Our first prediction is the return of the unique, hyperlocal market.
Here's a little context.
For the last two years, when mortgage rates were historically low and demand was historically high, inventory was depleted to rock-bottom lows throughout all of Dane County. For awhile, no matter where you lived in the county, it seemed you could sell your home in a matter of days or hours and for an incredible price. There wasn't much differentiation between local markets. Every location, every price point, and every type of property was hot.
But now, as demand is mellowing and inventory is increasing, we are once again beginning to see differences emerge between individual markets. As an example, here are the percent of single family home listings under contract right now for a few different locations in Dane County (source: South Central Wisconsin MLS).
Percent of single family homes with accepted offers by location (as of 8/1/2022)
- Madison near east side: 66%
- Madison near west side: 66%
- Verona: 61%
- Middleton: 59%
- Waunakee: 56%
- Stoughton: 48%
- Oregon: 48%
- Mount Horeb: 48%
Here's the takeaway.
As inventory continues to increase, some locations will be hotter than others, some price points will be hotter than others, and some specific types of properties will be hotter than others.
And what does this mean for you?
If you're thinking of buying or selling, you will want to be a student of the market, and you'll want your realtor to be a student of the market, too. Remember, all real estate is local. Take all of the headlines you read with a grain of salt, and look beyond the general and into the specific.
Stay tuned. We'll have much more to share about the Dane County real estate market in the weeks and months ahead. In the meantime, please contact us with any real estate questions you may have. We'd love to be a resource for you and help you prepare for all of your real estate needs in your next chapter of life.
