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Madison real estate market overview
- Average Monthly Rent: $1,567
- Home Price/Value Percentage Change: 5.60%
- Median Home Value: $372,275
- Best Time To Sell a Home: June
- Affordability Index: Moderate
- Days To Sell a House: 47
- Job Market: Fair
- Public School Ranking: 10
Location and weather
Madison is the capital of Wisconsin and the second largest city in the state. This city is the seat of Dane County and sits within the Lakes region in south-central Wisconsin, just west of Milwaukee. This city has both a midwestern and college town feel, but is also known for the museums, strong history, shopping, parks, and annual local events it offers. This city is near four large lakes, including Lake Mendota, Monona, Waubesa and Kegonsa, which provides tons of opportunity to enjoy the outdoors.
Winters in Madison can be extremely cold but by spring, temperatures continue to rise going into summer, making the weather more tolerable.
Population, job market and cost of living
Madison has a population of 280,829, with a growth rate of 1.32% annually.
The job market has decreased by -3.55% over the last year. In ten years, job growth is predicted to be 37.91%. Some of the bigger industries in this city are healthcare and government, bioscience, education, and finance. This city is also a great place for entrepreneurs, as there are plenty of networking events, co-working spaces, and city resources that can be utilised for growth. Large employers here include Datex Ohmeda Inc, American Family Insurance, Fairway Independent Mortgage, Great Wolf Resorts and Exact Sciences.
The cost of living in Madison is slightly higher than Wisconsin's overall cost of living, making this a more expensive city to live in.
Madison real estate market details
- Dudgeon-Monroe
- Westmoreland
- Marquette
- Vilas
- Wexford
- Maple-Prairie
- Capitol
The average monthly rent is $1,567 for an average apartment size of 840 sq. feet.
There has been a 5.6% increase in median home value over the last year. As of 2023, the median home value is $372,275.
On average, homes sell after 47 days on the market.
Sales in June will provide homeowners with the highest valued sale, while sales in July will provide homeowners with the quickest sale.
The affordability index is 101. This number indicates moderate affordability in this city.
The top ranked public schools are University of Wisconsin-Madison, West High School, Milestone Democratic School, Hamilton Middle School, O'keeffe Middle School, Shorewood Hills Elementary School and Randall Elementary School. This information is based on the school's combined maths and reading proficiency data in testing.