Madison Area Housing Appreciation
It’s been a seller’s market which means that the inventory of homes available is low in comparison to the number of homes that have sold. In many cases when a good home at an appropriate price comes on the market, buyers are competing for that home. This is putting upward pressure on prices, and as a result Madison area housing appreciation has been strong over the past 2 years.
Recently I was asked which community in the Madison area saw the most appreciation in house values over the past few years, and I started looking at the stats. It seems the typical month by month stats you often see for statewide data varies too much on a smaller community scale (there’s not enough sales in each community every month to hold a good average). So, I pulled MLS data for each community over the past year (July 2015 – June 2016) and I compared the median price over that time frame to the prior year (July 2014 – June 2015).
Verona was the big winner with a 12.8% increase in the median price. Fitchburg at 9.7%, Middleton at 7.7%, and Monona at 6.8% are the top 4. The west side of Madison and Mount Horeb tied for 5th at a 6.5% increase in median prices. All of these beat Dane County’s median increase of 3.1%. Prices for all of the areas around Madison where up over the past year. How did your community rank? Here’s the full list of results:
If you are interested in other real estate statistics or information around the Madison area, just ask. I’m always digging thru data, and education our agents and clients on the local real estate market.