Here's our latest inside look at the Dane County condo market, using transaction data from the South Central Wisconsin MLS. Do you have questions about buying or selling a condo in the Madison area? Please feel free to contact us for a helpful conversation. We'd love to help you. Our August report follows...

Madison area condo prices

Dane County condo prices increased by all measures in the month of August:

• The price per square foot grew from $216 in August of 2023 to $228 in August of 2024, up 6 percent. 
• The average price increased from $329,506 to $363,719, an increase of 10 percent. 
• The median price increased from $313,000 to $320,000, up 2 percent. 

We're cautiously optimistic that improving inventory will help to control price growth in the months ahead. Keep reading for more info. 

New MLS listings

A total of 144 condos were listed for sale in the month of August, which was up 11 percent from the 130 listed in August of 2023. Condo listings have increased 8 of the last 10 months in Dane County, which is having a positive impact on the amount of supply available to buyers (see below). 

Condo supply

For the first time in a long time, we now have more than 200 condos available for sale (without an accepted offer) in Dane County. The 214 condos available on September 9th is up by 73 percent from the 124 condos that were available a year earlier.

Currently 1.9 months of supply are available for sale across the county. More supply is needed to control price growth, but the recent rise in inventory is a positive step in the right direction.  

Accepted offers

With more condos available for sale, more condos are going under contract. A total of 126 Dane County condos went under contract in the month of August, which was an increase of 13 percent from the 112 condos that went under contract in August of 2023. Accepted offers have increased 6 of 8 months in 2024, an encouraging trend for the market. 

Competing offers

Competing offers continue to trend well above pre-pandemic levels. Note from the chart below, 37% of all accepted offers in July of 2024 involved multiple offers. This was well above the 28% in July of 2019. 

However, competing offers are clearly trending lower this year compared to the year before. In July of 2023, the competing offer percentage was 50 percent, compared to 37 percent in July of 2024. This trend toward less competition is a positive step toward a more balanced condo market. 

Cash offers

Cash offers continue to be common in the Madison area, and are running well above pre-pandemic levels. 

Days on market

Marketing times continue to trend slightly above rock bottom lows. The average days on market in August was 18 days, which was the second lowest for any month of August since the year 2000. 

Dane County condo sales

A total of 123 Madison area condos sold on the MLS in August, up 15 percent from the 107 sales in August of 2023. This is an encouraging sign that more supply is beginning to positively impact our local condo market. 

The big picture

A recent rise in new construction condos is giving buyers more options to choose from in Dane County. However, our condo market remains very competitive and can vary a lot by price point and community. 

If you're thinking of buying or selling a condo in the near future, you're bound to have questions. Please reach out to us anytime you'd like to speak to an expert about the market and your goals. We're always available for a consultation, and never with any sales pressure or spin.