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Here is our latest glance into the Madison space rental marketplace, beginning with the cost tendencies for October, 2023.
Dane County rental costs
On a year-over-year foundation:
- The cost in step with sq. foot larger from $208 to $223 (7 p.c).
- The median worth larger from $262,450 to $303,000 (15 p.c).
- The common worth larger from $308,198 to $344,720 (12 p.c).
On a year-to-date foundation:
- The cost in step with sq. foot larger from $203 to $215 (6 p.c).
- The median worth larger from $266,100 to $300,000 (13 p.c).
- The common worth larger from $300,421 to $334,778 (11 p.c).
New Dane County rental listings
One giant driving force of prime costs is the low provide of clean listings. Simplest 87 Dane County condos had been indexed on the market in October, which was once the bottom October general since 2002.
Lively listings
Because of this, the collection of lively listings (the ones with out an approved be offering) stays constantly low. Simplest 125 Dane County condos had been to be had on the market on November 4th, which is in keeping with our November snapshots from every of the closing two years.
Notice the seasonality of lively listings. Lively listings have a tendency to be lowest within the spring and early summer time, when purchaser job is at its top.
Authorised provides
With a low provide of to be had listings, it is no wonder that approved provides are trending decrease in 2023.
Competing provides
Despite the fact that fewer condos are going beneath contract in 2023, the p.c of listings receiving competing provides continues to pattern alongside traditionally prime ranges. Because the chart underneath presentations, the contest for condos stays very prime in comparison to the pre-pandemic marketplace. A extremely aggressive rental marketplace is an indication of pent-up call for, the place the collection of rental consumers exceeds the collection of rental dealers in Dane County.
Keep tuned for the rest of our Dane County rental marketplace replace, coming actual quickly…
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