Is Madison, OH a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Madison has remained a Seller's Market.
Key Takeaway
Madison is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Madison, OH
How much do homes in Madison, OH cost?
Median Sold Price
$201,000
$124/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Madison have sold for 3.1% more than they did a year ago.
Summary: The median home sold price in Madison was $201,000 in May 2024, up 3.1% from last year, and the median price per square foot was $124.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $118.7K | - | N/A |
| 2 Bedrooms | $148.5K | $120K | -19.2% |
| 3 Bedrooms | $185K | $195K | +5.4% |
| 4 Bedrooms | $245K | $244.2K | -0.3% |
| 5+ Bedrooms | $325K | $248.2K | -23.6% |
Summary: Madison housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 19.2%, 3 bedroom homes increased by 5.4%, 4 bedroom homes decreased by 0.3%, and 5+ bedroom homes decreased by 23.6%.
Median Sold Price Compared To Nearby Cities
| Madison Township | $194.7K | $201K | +3.2% |
| Madison | $195K | $201K | +3.1% |
Housing Supply in Madison, OH
How many homes are available in Madison, OH?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 52 | 58 | +11.5% |
Summary: The Madison real estate market had 58 homes for sale in May 2024, a 11.5% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 8 | 12 | +50.0% |
| 3 Bedrooms | 30 | 31 | +3.3% |
| 4 Bedrooms | 9 | 11 | +22.2% |
| 5+ Bedrooms | 5 | 4 | -20.0% |
Summary: The Madison housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 50%, 3 bedroom homes increased by 3.3%, 4 bedroom homes increased by 22.2%, and 5+ bedroom homes decreased by 20%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 17 | 21 | +23.5% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
10 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Madison, expect to pay close to the asking price. 47.6% of homes here sold near the asking price last month.
Summary: A total of 21 homes were sold or pending in Madison in May 2024, up by 23.5% month-over-month. Of the 21 sold homes, 24% were sold under asking, 48% were sold at asking, and 29% were sold over asking.
Days on Market for Madison, OH
How long does it take to sell a home in Madison, OH?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 38 Days | 47 Days | +20.8% |
Summary: Homes in Madison had an average of 47 days on market in May 2024, up by 20.8% compared to last year.
Breakdown of Home Sale Times
14 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Madison are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 21 homes were sold in Madison; 67% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.
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