Real Estate Market Update, 3Q 2023

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3rd Quarter Real Estate Market Update – Madison and Surrounding*

Locally, we saw steady sales in single-family homes with a narrow 1% decrease, while seeing a 15% decrease in condos sold compared to 2nd quarter. Overall the market has continued to have limited inventory compared to past years. We experienced 23.8% fewer homes sold and 33.6% fewer condos sold compared to the 3rd 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 regarding 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.

Total number of Homes & Condos for Sale (as of 10/12/2023)

Single Family Homes 362
Condos 100

3rd Quarter Sales

Single Family Homes Condos
Homes Sold 1035 329
Average Days on Market 15 13
Average Price Sold $512,157 $345,925
Low Price Sold $66,500 $90,000
High Price Sold $2,900,000 $1,400,000

*3rd quarter dates, 7/1/23 – 9/30/23, *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? 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.

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