2016 Madison Area Housing Prices
There’s no question 2016 was a great year for real estate in Wisconsin. Here’s a first look at the numbers. According to the Wisconsin Realtors Association (WRA) as of January 1 2017, the median home sale price in 2016 statewide was $165,000. This is a 5.8% increase over 2015. Roughly 81,000 houses sold in the state of Wisconsin (using estimated numbers for December), up from 76,741 the previous year. This is a little more than a 5.5% increase in sales. In Dane County the Median price was up to $245,000. This was an increase of 6.1% over 2015, which is better than average for the area. These numbers are no surprise considering we were in a seller’s market throughout all of 2016, and buyers were competing to buy homes.
For those living in the Madison area, I wanted to break down the numbers to the community level. The charts below are based on data I pulled from the Multiple Listing Service (MLS). Madison and nearly all it’s suburbs had an increase in median home prices – except for Westport (interesting considering Westport was the big winner in last year’s stats). How much did the price change in your community? The biggest gain was seen in Maple Bluff 19.8% increase! The runner-up was Fitchburg with a 10.9% gain! Third was Oregon with a 9.9% increase in median housing prices.
If you are curious how much value your home gained in 2016, feel free to contact us for a free market analysis. Or if you are interested in more detailed housing statistics on specific communities let us know. 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 home sales for the past year.