Madison home values rising more reasonably, after big increases throughout the pandemic

MADISON, Wis (WMDX) – The average single-family home in Madison is now worth close to half a million dollars, according to a new report from the City Assessor’s office. 

Home prices skyrocketed through the pandemic. The data shows while home values are still increasing, they’re not making the huge jumps they did a few years ago. 

In 2020, the average single-family home within city limits was valued at about $315,000. According to the report from the Assessor’s office, that number is now about $481,000. 

From 2021 to 2022, home values jumped 12.6 percent in Madison. From 2022 to 2023, they rose 12.4 percent. From 2023 to 2024, they rose 7.8 percent. Now headed into 2025, they’ve risen 5.2 percent since last year. 

That puts property value increases closer to the growth that was seen pre-pandemic. 

On top of that, the number of homes sold is also much lower. About 2,200 homes were sold in Madison last year. That’s less than half of the number of homes sold in 2022. 

This all could signal a return to more modest growth, instead of the explosion we saw in the early 2020s. 

Overall, Madison had a record $1 billion in new development last year. 

To check the average home value for your neighborhood, you can click here for the report from the City Assessor.