$1,247 Closing Credit*
$105,000
4 Beds
•2 Full Baths
Listing Office: Renee Lewis Realty Llc
Is Madison, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 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, IL
How much do homes in Madison, IL cost?
Median Sold Price
$83,000
$66/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$54,000(+186.2%)
Key Takeaway
Homes in Madison have sold for 186.2% more than they did a year ago.
Summary: The median home sold price in Madison was $83,000 in October 2024, up 186.2% from last year, and the median price per square foot was $66.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $18.7K | $26.7K | +42.4% |
| 2 Bedrooms | $28K | $74.9K | +167.5% |
| 3 Bedrooms | $30K | $91.2K | +204.2% |
| 4 Bedrooms | $35K | - | N/A |
| 5+ Bedrooms | $141.5K | - | N/A |
Summary: Madison housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 42.4%, 2 bedroom homes increased by 167.5%, 3 bedroom homes increased by 204.2%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Madison | $29K | $83K | +186.2% |
| Venice Township | $31.5K | $60K | +90.5% |
| Granite City Township | $117K | $122.7K | +4.9% |
| Granite City | $117K | $122.7K | +4.9% |
Housing Supply in Madison, IL
How many homes are available in Madison, IL?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 3 | 6 | +100.0% |
Summary: The Madison real estate market had 6 homes for sale in October 2024, a 100.0% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 2 | 2 | 0.0% |
| 3 Bedrooms | 1 | 2 | +100.0% |
| 4 Bedrooms | 0 | 1 | +100.0% |
| 5+ Bedrooms | 0 | 1 | +100.0% |
Summary: The Madison housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 100%, 4 bedroom homes increased by 100%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 0 | 3 | +100.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Madison, you may be able to get a good deal. 33.3% of homes here sold below asking price last month.
Summary: A total of 3 homes were sold or pending in Madison in October 2024, up by 100.0% month-over-month. Of the 3 sold homes, 33% were sold under asking, 33% were sold at asking, and 33% were sold over asking.
Days on Market for Madison, IL
How long does it take to sell a home in Madison, IL?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 5 Days | 24 Days | +336.4% |
Summary: Homes in Madison had an average of 24 days on market in Oct 2024, up by 336.4% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 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 October 2024, 3 homes were sold in Madison; 33% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
Listings courtesy of Mid America Regional Information System as distributed by MLS GRID.