Real Estate Market Update, 3Q 2020

3rd Quarter Real Estate Market Update for Madison & Surrounding Areas*

This year has been anything but typical for everyone. Not surprising, the real estate market has also been impacted by the pandemic, shifting our normal seasonal activity, and also continuing to see robust increased sales prices and low inventory. Low interest rates help and the industry has successfully shifted safety measures significantly to make buying and selling a home possible. As a community, we are resilient and adaptable and you’ll see that in the numbers as well as the stories we share from our clients.

Total number of Homes & Condos for Sale (as of 10/20/2020)

Single Family Homes 468
Condos 232


3rd Quarter Sales

Single Family Homes Condos
Homes Sold 1,589 556
Average Days on Market 26 43
High Price Sold $2,087,000 $1,085,000
Low Price Sold $92,000 $70,000
Average Price Sold $390,712 $250,698

*3rd quarter dates, 7/1/20 – 9/30/20, *Areas Include: Madison, Fitchburg, Verona, Middleton, Waunakee, Sun Prairie, Monona, McFarland, Cottage Grove, Source: South Central Wisconsin Multiple Listing Service

If you are thinking about selling in the spring of 2021, now is the time to talk to a Realtor and put together your plan for preparation and a timeline. Our agents are experienced in guiding you through the process and helping you evaluate what is the best plan for your goals. If that includes completing some home updates to increase your value, we can help you decide what approach is best and connect you to recommended local experts.

Selling usually includes buying a new home! One of the most common questions we get is how to navigate the timeline. There are a number of different options and we can help you figure out what will work best for you and your family.

Very little feels normal in 2020 but with help from Alvarado Real Estate Group we were able to sell our childhood home from start to close in about two months time. They offered great recommendations about work that we could choose to do to maximize the sale price and connected us to specialists who could help us. Perhaps the best part is the home was sold to another young family eager to build their own memories in our old neighborhood.”    ~Jim & Jen, Madison


If you are interested in learning more about Wisconsin’s housing statistics, click here  If you are interested in learning more about the home sales in your specific neighborhood, we can set you up with email notifications. Email us at, let us know the neighborhood you live in and we’ll take care of the rest.

Thanks for supporting our local real estate business and please check out our blog to learn more about our social justice initiatives, and helpful ways to keep your home and community the best it can be!


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