Madison Condo Market Heats Up - May 2024

The Madison condo market continued its upward trend in May 2024, with both prices and listings showing positive signs. Here's a breakdown of what buyers and sellers can expect:

Prices on the Rise

• Year-over-year increase: Data suggests prices per square foot jumped year-over-year in May, similar to the trend seen in March 2024. 
• Median and average price growth: The median and average condo sale prices are also anticipated to show growth compared to May 2023.

Inventory on the Move

• Listings up from last year: There may be some good news for buyers. Early indications suggest an increase in new condo listings compared to May 2023. This could signal a slight shift in the market.
• Inventory remains tight: Despite the increase, condo availability is still expected to be lower than average. Buyer demand is likely to continue exceeding supply.

A Competitive Market

• Multiple offers still common: Be prepared for competition if you're a condo buyer. The high demand may lead to bidding wars, especially for desirable properties.
• Cash offers prevalent: Expect a significant portion of condo sales to involve cash offers, putting cash buyers at an advantage.

Tips for Buyers and Sellers

• Buyers: Act quickly and decisively when you find a condo that interests you. Consider getting pre-approved for a mortgage to strengthen your offer.
• Sellers: Price your condo competitively to attract multiple offers in this fast-paced market. Work with a realtor who understands the current market conditions.

Stay Informed

This blog post provides a general overview based on early indications. To get the latest and most accurate data, consult a local realtor or search for reports from reputable real estate agencies in the Madison area.

With the condo market continuing to evolve, staying informed is key for both buyers and sellers. You may click www.realestateguy.net/blog for insightful articles, market updates, and guidance on buying and selling your home.

To begin your home search, https://www.realestateguy.net/buy