Is Madison, TN 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, TN
How much do homes in Madison, TN cost?
Median Sold Price
$335,000
$225/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Madison have sold for 4.6% more than they did a year ago.
Summary: The median home sold price in Madison was $335,000 in May 2024, up 4.6% from last year, and the median price per square foot was $225.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $145K | $140K | -3.4% |
| 2 Bedrooms | $257.5K | $259K | +0.6% |
| 3 Bedrooms | $347K | $350K | +0.9% |
| 4 Bedrooms | $470K | $440.9K | -6.2% |
| 5+ Bedrooms | $607.4K | $547.5K | -9.9% |
Summary: Madison housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 3.4%, 2 bedroom homes increased by 0.6%, 3 bedroom homes increased by 0.9%, 4 bedroom homes decreased by 6.2%, and 5+ bedroom homes decreased by 9.9%.
Housing Supply in Madison, TN
How many homes are available in Madison, TN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 192 | 215 | +12.0% |
Summary: The Madison real estate market had 215 homes for sale in May 2024, a 12.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 6 | 8 | +33.3% |
| 2 Bedrooms | 56 | 65 | +16.1% |
| 3 Bedrooms | 94 | 99 | +5.3% |
| 4 Bedrooms | 26 | 31 | +19.2% |
| 5+ Bedrooms | 10 | 12 | +20.0% |
Summary: The Madison housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes increased by 16.1%, 3 bedroom homes increased by 5.3%, 4 bedroom homes increased by 19.2%, and 5+ bedroom homes increased by 20%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 40 | 48 | +20.0% |
Asking Price vs. Sold Price
26 Homes Were Sold
Under Asking
16 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Madison, you may be able to get a good deal. 54.2% of homes here sold below asking price last month.
Summary: A total of 48 homes were sold or pending in Madison in May 2024, up by 20.0% month-over-month. Of the 48 sold homes, 54% were sold under asking, 33% were sold at asking, and 13% were sold over asking.
Days on Market for Madison, TN
How long does it take to sell a home in Madison, TN?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 30 Days | 26 Days | -14.6% |
Summary: Homes in Madison had an average of 26 days on market in May 2024, down by 14.6% compared to last year.
Breakdown of Home Sale Times
36 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
4 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, 48 homes were sold in Madison; 75% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
Listings courtesy of RealTracs Middle Tennessee Regional MLS as distributed by MLS GRID.
© 2024 of the REALTRACS MLS. All rights Reserved.