There is no great news for buyers in Dane County this year, with median sales prices increasing, inventory remaining low, and mortgage rates climbing.
The median home sale price in Dane County hit a new record high in 2021, rising 11 percent year over year to $379,948. Meanwhile, our local homes inventory has seen no increase despite all the new construction seen around the area. This is likely due to the continued population growth in Dane County.
Forecasters do expect mortgage rates to increase next year, but the effects would likely not be felt until the second half of the year. Fannie Mae economists were projecting mortgage rates would average 3.4 percent during the final three months of 2022, while economists at the Mortgage Bankers Association expected them to hit 4 percent.
If you haven't heard, buyers are snapping up homes as fast as they can. In 2021, homes sold in a median of 25 days, down from 36 days the year before. Nearly a third of homes that went under contract, 31 percent, had an accepted offer within one week of being listed, while 42 percent of such homes had an accepted offer within the first two weeks.
What does this mean to you? If you are looking to buy this year, reach out so we can chat about how to get you in the home you are looking forward as more and more "spring" market inventory becomes available. And if you are considering selling your home this year, we can get you positioned to net the most money, which is better than the Dane County average.
