Madison, WI Housing Market Update - March 2023

by Jeff Minter

Madison Real Estate

Recently there have been a lot of of opinions on the state of the market so let's boil it down real quick to see what is happening in our local housing market with a few key points.

1. Buyer Demand: Anecdotally buyer demand has not decided to take a dip this spring. After some struggles this fall with the peak of interest rates agents across many brokerages are reporting high activity with many competing offers. By most accounts it appears demand is here and should lead to another wild spring market.

2. Available Homes (Inventory): Good news, across Dane County inventory is UP compared to last year at this time. That is healthy as we work to create more balance between buyers and sellers. Bad news, as this is written (3/8) we have just over 400 condos and single family homes available in Dane County...in 2017 we had over 1000 and at that time were concerned about the lack of inventory. Even if we make progress with inventory this year, it appears to be another sellers market ahead of us.

3. Tips for Buyers: Prepare yourself ahead of time, not when the right house hits the market. Buyers who wait for a house to show up could easily be late to the party this year again. Without being fully preapproved and connected to an agent unprepared buyers will not be in a position to learn about "hidden" inventory, prepared for coming soon homes, write competitive offers, and ultimately win the house they are searching for. Be proactive, not reactive. More on this HERE.

4. Tips for Sellers: It is shaping up to be another great year for sellers, but that doesn't mean you can do whatever you want. Make sure your home is effectively prepared to wow potential buyers online, price your home to get the most qualified eyes on your home, and work with an agent who will market your home to the highest number of potential buyers. Sellers that win in this market do it by increasing the demand and competition for their home not by trusting the market to get them the best possible offer without putting in the other work. More on selling HERE.