Dane County apartment costs ended 2023 on the rise. Here is the most recent data on the Madison space apartment market.
Dane County apartment costs
Condominium costs for December are:
- Value per sq. foot elevated from $195 to $224 (15%).
- Common worth elevated from $308,754 to $339,868 (10%).
- Median worth elevated from $274,500 to $294,950 (7%).
Annual worth improve (from 2022 to 2023):
- Value per sq. foot elevated from $203 to $216 (7%).
- Common worth elevated from $300,531 to $333,401 (11%).
- Median worth elevated from $268,000 to $300,000 (12%).
Newly constructed condominium property data
Simply 51 condos have been listed on the market in December, the third lowest month-to-month whole since 2000.
energetic listing
Obtainable apartment properties (properties for which no provides have been accepted) are very near ranges in every of the final two Januarys. As of January 15, 2024, he solely had 87 condos in Dane County (solely 0.8 months provide).
accepted supply
Accepted provides elevated barely yr over yr. Nevertheless, the present stage stays low attributable to an absence of provide. A complete of 70 Dane County condominiums went beneath contract in December.
money supply
Money provides at the moment are occurring rather more incessantly than within the pre-pandemic market. This can be a clear signal of pent-up demand for condos within the Madison space.
Days on market
Traditionally brief advertising and marketing home windows are additionally a transparent signal of pent-up demand. The typical variety of days in the marketplace in December was simply 20 days, the bottom on document for the month.
Dane County condos on the market
December apartment gross sales have been the bottom since 2011. A scarcity of recent apartment provide is limiting gross sales in Dane County.
Condominium costs within the Madison space will proceed to rise in 2024…
Though demand stays robust, there may be little or no new condominium development. Do you might have any questions on subsequent yr’s apartment market? Be happy to contact us with all of your actual property questions. We’re right here to be a useful resource for you, however there may be by no means any gross sales stress or inconvenience.
