Is Dane County in a Buyer’s or Seller’s Market? March 2024 Update

If you're thinking about buying or selling a home in Dane County, you might be wondering:

👉 Is it a buyer’s or seller’s market right now?
👉 How competitive is the real estate market in Waunakee, Middleton, and Sun Prairie?
👉 Should I wait, or is now the right time to make a move?

Let’s dive into the latest Dane County real estate data to determine whether buyers or sellers have the upper hand in this fast-moving market.

🏡 What Does the Current Market Look Like?

Dane County Real Estate Snapshot (March 2024)

📌 Total Listings: 1,022 (+122 from last month)
📌 Months of Inventory: 1.3 (-15.38% from last month)
📌 Pending Listings: 531 (+120 from last month)
📌 Median Listing Price: $473,400 (+2.75% from last month)
📌 New Listings: 460 (+150 from last month)
📌 Active Listings: 509 (+13 from last month)
📌 Number of Homes with Price Reductions: 78 (+12 from last month)
📌 Median Price per Sq. Ft.: $239 (-0.84% from last month)
📌 Median Days on Market: 57 days (-19 from last month)

📢 What does this data tell us?

✅ Low Inventory – With just 1.3 months of inventory, Dane County remains a strong seller’s market (a balanced market is around 4-6 months of inventory).
✅ Rising Prices – The median listing price has gone up by 2.75% in just one month, meaning home values are still appreciating.
✅ Faster Sales – Homes are selling 19 days faster than last month, meaning demand is high.
✅ More Buyers Than Sellers – Pending sales increased, indicating strong competition for available homes.

💡 Bottom Line: Dane County is still a seller’s market, but buyers are staying active despite higher prices.

📈 What Does This Mean for Sellers?

If you're a homeowner in Waunakee, Middleton, Sun Prairie, or the greater Dane County area, you're in a prime position to sell your home quickly and for top dollar.

🔥 Why It’s a Great Time to Sell:

✔️ Low Inventory = Less Competition – Your home will stand out.
✔️ Buyers Are Motivated – Even with higher prices, demand remains high.
✔️ Faster Sales – Homes are spending fewer days on the market.
✔️ Multiple Offers Are Common – Some buyers are waiving contingencies to win homes.

💡 Seller Tip:

To maximize your home’s value, work with a local real estate expert to price it right and market it strategically. Overpricing can turn off buyers, even in a hot market!

🤔 What About Buyers? Should You Wait?

Buying in a seller’s market can be challenging, but it’s not impossible—and waiting could cost you.

📌 What Buyers Need to Know:

✅ Home Prices Are Increasing – The median price rose 2.75% in one month. Waiting could mean paying more later.
✅ Mortgage Rates Are Unpredictable – Interest rates fluctuate, and buying now could lock in a lower rate before they rise again.
✅ More Listings Are Hitting the Market – 460 new homes were listed, giving buyers more options than last month.

💡 Buyer Tip:

Be pre-approved before you start shopping! Homes are selling fast, and being ready to submit a strong, clean offer (with fewer contingencies) can help you win in multiple-offer situations.

🚀 Will the Market Shift Anytime Soon?

📊 What Experts Expect:
📌 Home prices will continue rising due to limited supply.
📌 Interest rates may impact affordability, but buyers are still actively searching.
📌 Dane County will likely remain a seller’s market for the foreseeable future.

🔍 Key Factors to Watch:
✔️ Mortgage rate trends
✔️ New construction in Waunakee & Sun Prairie
✔️ Job growth & economic conditions in Madison

🏡 What’s Your Next Move?

📌 Sellers: You have the advantage! If you’ve been considering selling, now is a great time to list and get top dollar for your home.
📌 Buyers: Be prepared for competition. Get pre-approved, work with a strong agent, and act fast when you find the right home.

📞 Thinking about buying or selling in Dane County? Let’s talk!

Please feel free to reach out anytime. 📍 John Reuter | Integrity Homes | Broker/Owner |📲 608.669.4226 | 📧 john@integrityhomeswi.com

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📍 John Reuter | Integrity Homes | Broker/Owner
📲 608.669.4226 | 📧 john@integrityhomeswi.com

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