Market Conditions in Madison>Question Details

Ben Aughenba…, Real Estate Pro in New York, NY

How is the general housing market in Madison?

Asked by Ben Aughenbaugh, New York, NY Fri Jul 27, 2007

In my research, I found surrounding areas to be flat i.e., Minneapolis, Milwaukee, what gives?

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7
Based on our website stats, we are seeing as much traffic as we did in the summer of 2008.
http://www.madisonpreferred.com is really the best source for real estate information and listings.
I think our market is stablizing and should be near the best place for people to start buying.
0 votes Thank Flag Link Tue Apr 1, 2008
In one word, INCREDIBLE. In Dane County, our average home prices have increased 2.7% from 2007 to 2008 and almost 5% from 2006 to 2008, which is against many of the National Real Estate Trends. Our total home sales have decreased by over 7%, but much of that is due to a decrease in new home construction.
While most sellers may disagree with me, we are still in a GREAT buyer's market. There is no BAD market here, it just depends on what side of the transaction you are currently on.
Good luck and I hope you decide to call Madison home!
0 votes Thank Flag Link Thu Mar 6, 2008
The housing market in Madison is GREAT! As a 15 year veteran in the Financial Industry intrest rates are still at all time lows, jobs are stable, and inventory is still plentiful. If you are looking to buy, your options will never be greater. If you are selling, make those updates (this is a great time for a home improvement loan with recent rate changes!), update, buff and shine. If you house is in great shape and your not to greedy on price it will sell.
Web Reference: http://www.SueStark.com
0 votes Thank Flag Link Thu Sep 20, 2007
Madison is still a strong source for great properties with great value. The city and surrounding communities have continued to see a strong growth with the population, new schools and plenty of housing. The city life is what so many enjoy about Madison. The property market is showing a consistent steady growth. The job sector for Madison and surrounding communities is great. With many options, and strong industries that are new and on the up. This is truly a place you can call home and fit right in.
Web Reference: http://www.madison.com
0 votes Thank Flag Link Thu Sep 20, 2007
It's all relative. CNNMOney ahwile back said Home prices are going up still in Madison compared to the city's you mentioned. http://edynblog.wordpress.com/2007/05/16/cnn-money-reports-m…
Days on Market are even dropping and Madison might be becoming stable in a transitional market, somewhere between a buyers market and sellers market.
0 votes Thank Flag Link Sat Aug 4, 2007
Seth is right on in his response. We're fortunate in Madison that our major employment sectors are bio-technology, insurance, state government and health care. Due to this, it's relatively safe to say Madison is virtually "recession proof". The housing market has slowed from it's breakneck pace of 2003-2005. It was needed. Price escalations have cooled as well, yet there is still appreciation across the market.

Hardest hit, as in most of the US was new construction. Builder inventory is still relatively high thus new construction starts have hit 10 year lows. It does make this a great time to enter the market as there are many motivated Sellers who are willing to make great deals.
0 votes Thank Flag Link Sat Jul 28, 2007
The housing market nationwide has been down, and it's no different in Madison. But that does not mean everything has been depreciating. In fact, the average home is still appreciating in the Madison area. So the market isn't so bad, it's just not really good. In general, Madison has and probably always will have quite a stable market. It will never "burst" like you'll find in Los Angeles, San Diego, Las Vegas, Orlando, etc. It has it's ups and downs, but not to extremes.

More specifically about the current market in Madison, it's a Buyer's market, which basically means there are more homes for sale than there are buyers. Also, interest rates are still relatively low. So it's actually a great time buy!
0 votes Thank Flag Link Fri Jul 27, 2007
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