$895,000
58.49 Acres
Land
Carl R Broyles, Listing Office: Montague, Miller & Company
Is Madison, VA 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, VA
How much do homes in Madison, VA cost?
Median Sold Price
$440,000
$193/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
-$25,000(-5.4%)
Key Takeaway
Homes in Madison have sold for 5.4% less than they did a year ago.
Summary: The median home sold price in Madison was $440,000 in October 2024, down 5.4% from last year, and the median price per square foot was $193.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $149.2K | $220K | +47.4% |
| 2 Bedrooms | $204.5K | $255K | +24.7% |
| 3 Bedrooms | $489.8K | $440K | -10.2% |
| 4 Bedrooms | $424.9K | $675K | +58.8% |
| 5+ Bedrooms | $450K | $425K | -5.6% |
Summary: Madison housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 47.4%, 2 bedroom homes increased by 24.7%, 3 bedroom homes decreased by 10.2%, 4 bedroom homes increased by 58.8%, and 5+ bedroom homes decreased by 5.6%.
Median Sold Price Compared To Nearby Cities
| Madison | $465K | $440K | -5.4% |
| Pamplin | $210K | $170K | -19.0% |
Housing Supply in Madison, VA
How many homes are available in Madison, VA?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 26 | 30 | +15.4% |
Summary: The Madison real estate market had 30 homes for sale in October 2024, a 15.4% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 2 | 2 | 0.0% |
| 3 Bedrooms | 9 | 12 | +33.3% |
| 4 Bedrooms | 7 | 7 | 0.0% |
| 5+ Bedrooms | 7 | 8 | +14.3% |
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 33.3%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 14.3%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 3 | 7 | +133.3% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
5 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Madison, expect to pay close to the asking price. 71.4% of homes here sold near the asking price last month.
Summary: A total of 7 homes were sold or pending in Madison in October 2024, up by 133.3% month-over-month. Of the 7 sold homes, 14% were sold under asking, 71% were sold at asking, and 14% were sold over asking.
Days on Market for Madison, VA
How long does it take to sell a home in Madison, VA?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 36 Days | 51 Days | +39.3% |
Summary: Homes in Madison had an average of 51 days on market in Oct 2024, up by 39.3% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
0 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 October 2024, 7 homes were sold in Madison; 71% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 29% of homes were sold over 90 days.
Information is provided by Charlottesville Area Association of Realtors®. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information provided is thought to be reliable but is not guaranteed to be accurate; you are advised to verify facts that are important to you. No warranties, expressed or implied, are provided for the data herein, or for their use or interpretation by the user. 
All or a portion of the multiple Listing information is provided by the Central Virginia Regional Multiple Listing Service, LLC, from a copyrighted compilation of Listings. IDX information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All CVR MLS information provided is deemed reliable but is not guaranteed accurate. The compilation of Listings and each individual Listing are ©2024 Central Virginia Regional Multiple Listing Service,LLC. All rights reserved