What’s happening in the Madison Real Estate market? It’s a question I am asked often.
To answer that questions, let look back at what happened in November of last year.
There were a total of 458 homes sales compared to 518 sales in October 2022.
The average days on market crept up a bit to 25 days in November compared to 22 days in October.
The average sale price declined a bit, too. The average sale price in November was $418,055 versus an average of $435,896 in October.
As we move into the new year, there is a lot of uncertainty about interest rates and the economy. Despite that, more buyers continue to enter the market, compounding the buyers who were unable to find their dream home last year and are still searching. Those factors, coupled with continued low inventory, homes prices may not decline substantially, at least in the first few months of 2023.
In the coming weeks, we should have a better handle on just what the market may look like in 2023.
Interested in more info on the market? Please reach out. I’d be happy to chat!