2018 is has been another great year so far for home sellers in Madison and the surrounding area. As of the time of this writing, there’s roughly a one-month supply of homes in Madison, according to Laura Lahti a local realtor for Badger Realty Group, which is surprisingly low. Read on to learn about 2018’s remaining Real Estate Market Trends for Madison, WI.
New Condo and Home Construction is Expected to Stay Low
While apartment buildings are going up all over the area, single-family homes hit a bit of a plateau at the end of last year, and that’s likely to continue into 2019.
Foreclosures Are Becoming Less Common
In further evidence of the housing market’s recovery, foreclosures in the Madison area are at the lowest level in over 11 years. Buyers, especially those who invest in distressed properties, will find it harder to profit from foreclosure sales. Source: Madison.com
The Demand for Housing Will Stay High
Madison has Wisconsin’s fastest-growing population and its strongest economy, which means more people are looking for condos and homes. With fewer condominiums and single-family homes being built, it’s really a seller’s market. Source: Journal Sentinel
Condo and Home Inventory Is At a Historic Low
With the strong demand and the shortage of foreclosure and new construction properties mentioned in the sections above, Madison’s home and condo inventories are at an all-time low. There’s an expectation that there will be less than two months of supply throughout the year. Source: Journal Sentinel
Home Prices Will Rise
As inventory remains low and demand stays high, the price of a local home will rise again, for the sixth year in a row. While it’s a seller’s market, affordability will remain an issue, particularly for first-time buyers. Source: Madison.com
Condominium Prices Are Rising, Too
Home prices are on the way up, and condo pricing will see an even sharper increase in 2018. As baby boomers downsize and retire, they want a smaller, lower-maintenance home. These buyers are spending cash, which is largely driving the increase in condo prices. Source: Madison.com
Condo and Home Sales Remain Stagnant
With low inventory and few sales, reluctant renters will miss out on purchase opportunities. Stored-up demand for condos and homes is one of those Market Trends in Madison WI that one would expect to stay strong for the near future.
Income Properties Will Stay Popular
The demand for duplexes and multi-family units will continue to rise as investors and first-time buyers compete for such listings. Multi-family properties are expected to be popular with locals and out-of-towners alike.
With a low inventory, the right time to list a home is rapidly approaching. That means that now is the time to prepare to sell. Make important repairs, get the lawn looking good, and consult a local real estate agent for advice on the Madison Real Estate Market.
As stated earlier, the signs are pointed toward Madison remaining a competitive market in 2018. Buyers, especially first-timers, should find an experienced agent and start searching right away. Making a purchase during the off-season is a good idea, as it allows buyers to get a better deal than they’d get in spring’s overheated market. For more information or to schedule a consultation, call a real estate agent or contact Barb Miller today to schedule a consultation.
Help from an Experienced Team
At PrimeLending we can help you navigate through the ever changing Madison, WI real estate market. Our specialized team helps meet your individual needs to get you the best rates for whatever life has in store for you.
Barb Miller NMLS#929071 – PrimeLending | 608-206-2988 | email@example.com | Apply For a Loan