Madison saw steepest home price percentage increase nationwide from April to May
A study from Black Knight, a data analytics company that tracks home prices in the largest 100 U.S. housing markets, found Madison had the sharpest home price percentage increase in the country from April to May, according to the Capital Times.
Prices jumped 1.65% over that time period, more than twice the national average increase of 0.71%. The data is reflective of Madison’s housing shortage, which has driven up prices as demand outpaces supply.
Factors pushing upward on Madison’s home price growth include its attractiveness as a college town and related population growth as well as its low housing inventory — still less than 50% of pre-pandemic levels.
According to the city’s estimates, Madison’s average single-family home is valued at over $400,000, up 13.5% from 2022 and 27.2% from 2021.
Other Midwest markets that led the nation in month-to-month home price increases included Milwaukee and Chicago, due in part to the relative affordability and availability of housing in those areas compared to metro areas in the western U.S. like San Francisco and San Jose.