Here's our latest update for the Madison area single family home market, covering the month of March, 2023. 

Competing offers

Our preliminary data for the month of February shows that 48% of the homes that went under contract in February received multiple offers. This is a very high percentage for this time of year -- just below last February's record of 50% -- and points to more rising prices in the months ahead.

New MLS listings

One of the reasons competition is so high, is because the number of new listings entering the market is so low. Right now, new MLS listings are entering the market at the slowest pace on record.

Dane County housing starts

New home construction is occurring at a relatively slow pace, too. Home building activity in Dane County is strong compared to most other markets in Wisconsin, but is still about 50% below the levels from the peak construction years in the early 2000's.

Dane County foreclosures

Foreclosures continue to account for only a handful of sales each month. 

Mortgage applications

Mortgage applications (excluding refi's) are running about 35% lower than the were at the same time last year. 

Accepted offers

Fewer buyers (and fewer listings) have led to fewer homes going under contract in 2023. Accepted offers fell by 31% in the month of March and by 27% year-to-date. 

Dane County home sales

Home sales (or closings) decreased 17% year-over-year and 23% year-to-date. 

Days on market

Marketing times continue to trend near historic lows. 

Dane County home prices

Madison area home prices continue to reach new highs, increasing by 4% year-over-year and 4% year-to-date.

Where will the Madison area real estate market go from here? 

Even though mortgage rates are higher in 2023, there's still plenty of demand (and strong competition) for the homes that are available for sale. All of this points to more price appreciation in the year ahead. Of course you can stay in touch with the latest trends by checking in regularly with our market updates. We'll continue to be your source for reliable market info here in the Madison area.