Real Estate Market Update, 1Q 2023

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1st Quarter Real Estate Market Update – Madison and Surrounding*

As you may have heard, inventory is low! Nationally the real estate market is seeing a decrease in inventory, while many areas are starting to see home prices plateau. Locally we are still experiencing an increase in home value and decreased inventory. The recent quarter closed out with about 23% fewer homes and 17% fewer condos sold, and a 9.6% single-family home value increase compared to the first quarter of 2022.

Even with those statistics, we see different numbers in different neighborhoods. What is happening in one area is not always happening in another when it comes to competing offers and average days on the market. Your agent can help set expectations and give you a thorough overview to best prepare you for your next move.

As of April 11, 2023, there are currently 205 single-family homes for sale and 54 condos. Below are the 1st quarter 2023 sales data.

Total number of Homes & Condos for Sale (as of 4/11/2023)

Single Family Homes 205
Condos 51

2nd Quarter Sales

Single Family Homes Condos
Homes Sold 620 240
Average Days on Market 29 28
Average Price Sold $484,491 $308,051
Low Price Sold $72,000 $85,000
High Price Sold $2,575,000 $1,350,000

*1st quarter dates, 1/1/23 – 3/31/23, *Areas Include: Madison, Fitchburg, Verona, Middleton, Waunakee, Sun Prairie, Monona, McFarland, Cottage Grove, Source: South Central Wisconsin Multiple Listing Service. Reflects entire market share from all brokerages.

Thinking about selling or buying in 2023? We can help you put together your plan for preparation and a timeline and assist you in evaluating what home updates will increase your value, connect you to recommended local experts, and guide you through negotiations.

If you are interested in learning more about Wisconsin’s housing statistics, click here. If you are interested in learning more about 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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