Madison, WI housing market

Madison home values are down about three and a half percent over the past year, but sellers are not slashing prices to match. The typical home is now worth about four hundred forty-four thousand dollars. That is a real decline, and buyers have gained some leverage. But look at how sellers are responding. Only about 14 percent of active listings have taken a price cut, which means most are holding their asking prices rather than chasing the market down. Supply helps explain it. There are about 360 homes for sale, and 314 new listings hit the market this month, so inventory is being replaced almost as fast as it sells. Homes are taking around 42 days to go under contract. Slower, yes, but far from a glut. Sellers are still asking about four hundred fifty-one thousand dollars, a bit above the typical value, which is why well priced homes move and ambitious ones sit. The takeaway for Madison homeowners: this is a cooling market, not a collapsing one. Price your home right from day one and you can still get a deal done.