March 2024 Update: Dane County Housing Market Insights

Dane County's housing market for March 2024 presents noteworthy trends:

Sales and Pricing: A total of 453 homes were sold, marking an 8.1% decrease from last year. Despite this, the median sale price rose by 8.7% to $430,000, indicating home values continue to appreciate.

Negotiation Dynamics: Buyers are competing fiercely, paying on average 1.80% above asking price, a slight increase from the previous year. This competitiveness underscores the market's intensity.

Inventory Trends: The market saw 625 new listings, a decrease of 12.7% year-over-year, leading to a tighter inventory with 541 active listings. This reduction in new listings suggests fewer options for buyers.

Market Pace: The median days on market (DOM) slightly increased to 7 days, indicating homes are still selling rapidly, though with a marginal slowdown.

Supply Situation: With a supply of 1.03 months, the market continues to lean heavily in favor of sellers, despite a very subtle easing.

What This Means:

Sellers are in a favorable position, with high demand pushing up prices. Yet, the slight dip in sales highlights the importance of strategic marketing.

Buyers will find the market challenging, with high competition and limited new listings. Acting quickly and decisively remains crucial.

In conclusion, Dane County’s real estate market remains robust for sellers, with values on the rise, but tighter inventory levels and strong competition pose challenges for buyers. Engaging with seasoned real estate professionals is key for navigating this dynamic market.

 *These numbers are for both single-family and condo homes combined.