Madison, WI home prices and housing market

Madison sellers are cutting prices on nearly one in five listings, even though the city has barely four hundred sixty homes for sale. If you are thinking about selling this year, that combination tells you exactly where the leverage sits right now. Start with supply. There are about four hundred sixty homes on the market, which is not a lot of choice for buyers, and in a market that tight you would expect sellers to hold all the cards. A typical Madison home is worth about four hundred thirty four thousand dollars, down just under two percent over the past year, so values are drifting lower, not dropping. Homes are taking around forty four days to sell, which gives buyers time to negotiate instead of rushing in. But here is the catch. The typical asking price is about four hundred fifty thousand dollars, well above what homes are actually selling for, and that gap is exactly why so many listings are cutting. So the move for sellers is simple. Price at what the market is paying, not above it, because in a market this small an overpriced home sits for six weeks and then cuts anyway. For a free estimate of what your Madison home is worth today, visit Home Value Pros dot com.