When interest rates started rising last year, we knew that higher rates would result in fewer people choosing to buy a home or condo. What we didn't expect, is the profound impact that higher rates would have on the number of sellers. The number of new listings started to drop noticeably last June and have been trending lower ever since. 

Right now most of our sellers are planning to sell due to major life changes. Changes like death, divorce, downsizing, and relocation. What we aren't seeing so much are the people who are wanting to sell their current home in order to "move up" into a larger one. The prospect of higher rates (and higher monthly payments) is causing these would-be sellers to put their plans on hold.

And so, we continue to have more buyers than sellers in the Madison area, with prices continuing to rise. Stay tuned for our May home and condo reports which will offer much more insight into the Dane County real estate market. In the meantime, we invite you to check out these 9 reasons why we see prices continuing to rise for the foreseeable future.