$3,147 Closing Credit*
$265,000
956 SqFt
2 Beds
•1 Full Bath
Kevin McHaney, Listing Office: RE/MAX New Horizons
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
At the same time last year, Madison was a Seller's Market.
Key Takeaway
Madison is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Madison, VA
How much do homes in Madison, VA cost?
Median Sold Price
$425,000
$176/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$40,000(+10.4%)
Key Takeaway
Homes in Madison have sold for 10.4% more than they did a year ago.
Summary: The median home sold price in Madison was $425,000 in October 2024, up 10.4% from last year, and the median price per square foot was $176.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $149.2K | $215K | +44.1% |
| 2 Bedrooms | $191.2K | $267.2K | +39.7% |
| 3 Bedrooms | $340K | $385K | +13.2% |
| 4 Bedrooms | $424.9K | $577.4K | +35.9% |
| 5+ Bedrooms | $505K | $482K | -4.6% |
Summary: Madison housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 44.1%, 2 bedroom homes increased by 39.7%, 3 bedroom homes increased by 13.2%, 4 bedroom homes increased by 35.9%, and 5+ bedroom homes decreased by 4.6%.
Housing Supply in Madison, VA
How many homes are available in Madison, VA?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 44 | 51 | +15.9% |
Summary: The Madison real estate market had 51 homes for sale in October 2024, a 15.9% 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 | 0 | 1 | +100.0% |
| 3 Bedrooms | 23 | 25 | +8.7% |
| 4 Bedrooms | 11 | 14 | +27.3% |
| 5+ Bedrooms | 10 | 11 | +10.0% |
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 increased by 100%, 3 bedroom homes increased by 8.7%, 4 bedroom homes increased by 27.3%, and 5+ bedroom homes increased by 10%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 5 | 8 | +60.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Madison, expect to pay close to the asking price. 62.5% of homes here sold near the asking price last month.
Summary: A total of 8 homes were sold or pending in Madison in October 2024, up by 60.0% month-over-month. Of the 8 sold homes, 38% were sold under asking, 63% were sold at asking, and 0% 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 |
|---|---|---|
| 78 Days | 72 Days | -7.5% |
Summary: Homes in Madison had an average of 72 days on market in Oct 2024, down by 7.5% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
3 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, 8 homes were sold in Madison; 50% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 38% 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