Dane County Real Estate Recap 2022
The real estate market in Dane County saw a decrease in sales of single-family homes and condos in 2022, with 15.4% fewer homes sold for a total of 7,293. This can be attributed to the 14.2% decrease in listings that came onto the market. The low inventory levels also played a role in the decrease in sales. The total number of active homes on the market as of January 1 is only 526.
Interest rates have also increased, currently sitting at over 7%. Although there may be some fluctuation, it is expected that they will stay in the range of 6% to 7%. This increase in interest rates has led to a drop in price appreciation, however, the average and median sale prices for homes and condos in Dane County still saw an increase of 10% or more. The average sale price was $428,579 and the median price was $385,000.
” INTEREST RATES MIGHT BOUNCE AROUND UNTIL THE SECOND OR THIRD QUARTER.”
The average number of days on the market in December was 32 days. In 2023, it is expected that home values will continue to appreciate, although at a slower rate than in previous years. Historically, homes appreciate by 4% per year, not 10%. The level of inventory will also play a factor in the number of sales going forward. Interest rates might bounce around until the second or third quarter when we could see a true dip.
If you have any questions about the real estate market in Dane County, feel free to call me at (608) 212-5743 or send an email. I look forward to hearing from you.Posted by Shawn Kriewaldt on
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