Dane County home sales declined 15% last year, but prices still rose

There were fewer homes sold across southern Wisconsin last year, but despite that sellers made out well as home prices continued to rise, according to a report from the Realtors Association of South Central Wisconsin.

Across the south-central Wisconsin region (18 counties), the total number of sales were down 15%, from 18,546 in 2021 to 15,765 in 2022. Many agents report that the reduction in sales activity correlates to the 12.7% drop in new listings as sellers delay putting their homes on the market.

The median sales price continued to increase, adding another 10.9% in 2022. In Dane County, sales of homes in higher price points did soften as interest rates increased, shifting the median sales price back under $400,000 by year end. However, this doesn’t necessarily mean that the value of homes has declined, as the market for homes under $500,000 remains tight.