2018 Home Sales Statistics – Dane County and the Madison Area.
2018 was another great year to own real estate! Here’s a first look at the 2018 numbers. Zillow reports that nationwide property values were up 7.7%. According to the Wisconsin Realtors Association (WRA), as of January 1 median prices in Wisconsin were up 7.0% and Dane county prices were 5.8% over 2017. The number of homes sold dropped statewide 8.4% and home sales in Dane County were down 7.9% compared to last year. The reduction of sales in the area were not due to lack of buyers, it was primarily due to lack of inventory. In fact, bidding wars were quite common from January to August. Things calmed down drastically in the fall of 2018, but there are still particular price points and neighborhoods that you’ll see frequent buyer competition. I do expect bidding wars to be common again this spring and summer, but I think 2019 will be a bit calmer and have a lower appreciation rate than 2018.
I’ll break down the numbers for those living in Madison and surrounding suburbs. The charts below are based on data I pulled from the Multiple Listing Service as of January 9, 2019 (there could be a few additional sales that report late). Most communities around the Madison area had an increase in median sales price in 2018. Maple Bluff, Oregon, and Westport showed a decrease in median price, but the average sale price in these communities were up. There was a larger percentage of lower priced homes that sold that skewed the median number. The only Madison suburb that decreased in both median price and average price was Windsor (less than 1% reduction), and I have a feeling that might be due to a higher end subdivision that had fewer homes built and a major increase in 2017. The biggest gains in median sales price were seen in Shorewood Hills at 18.2%, McFarland at 12.9%, and Verona at 10.6%.
The communities with the biggest increase in the number of homes sold were; Maple Bluff with a 114.3% increase (more than double), Fitchburg at 19.9%, and Shorewood Hills at 18.2%. The biggest losers in the number of home sales were Windsor at -23.6%, Cross Plains at -21.7%, and Deforest at -17.9%. There’s no doubt Cross Plains reduction in sales was partially due to the flooding in August and a major development there that is almost full. If all goes well with development plans, Great Rock Realty will be representing a new subdivision in Cross Plains in the coming year.
If you are curious how much value your home gained in 2018, feel free to contact us for a free market analysis. If you are interested in more detailed housing statistics on specific communities let us know or keep an eye on the blog for more localized stats. Since we are based out of Verona, I track Verona, Middleton, and the west side of Madison quite closely, and I’ve been blogging about Verona and Middleton home sales for the last few years.