ABC News Good Morning America recently named Madison, WI one of the top 10 places in the country to buy a home. The following statistical data was provided as positives for the Madison WI housing market:
- Median Home Value: $207,600, down 4% from a year ago.
- Property values are flat compared with five years ago.
- Houses cost an average of $113 per square foot.
- Buyers are paying 3% less than listing price.
As always, such statistics have to be taken with a grain of salt as they are based on a very broad area (in recent years Madison has been expanding in several directions at a rapid clip). It is also important to note that Madison, WI is comprised of a wide diversity of different neighborhoods, North, South, East, West, and downtown, some of which have declined in value and others which have held steady or increased in value in recent years.
Reasons cited for Madison's attractiveness were not only its cheap home prices but its strong job market, stable housing values, and the twin factors that, as a state capital and college town, Madison is more "recession-proof" than other cities.
The complete list of finalists included:
- Virginia Beach, VA
- Albany, NY
- San Diego, CA
- Austin, TX
- Madison, WI
- Greenville, SC
- Gainesville, FL
- Knoxville, TN
- Richmond, VA
- Flagstaff, AZ
Thinking of buying a home in Madison, WI or one of its surrounding communities? Click here to search for Madison, WI real estate or another community in Dane County (many, such as Middleton, Fitchburg, Verona, and Monona are within a 15-minute drive of Madison). For a complete list of all the awards won by Madison WI since 1994, please visit our Madison awards page.
Source: The Top Ten Places to Buy a Home, ABC News Good Morning America (August, 2009)
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Jolenta Averill, Principal
Lake & City Homes Realty