If it feels like there are more "For Sale" signs around town lately, you're right, and the numbers back it up.
Dane County currently has 1,346 homes actively for sale. That's the most we've seen since at least early 2023. Add the homes already under contract and there are 2,180 total listings, which works out to about 3.4 months of supply.
So what does all that mean for you? Let's break it down.
Fall usually slows down. Not this year.
Our housing market has a pretty predictable rhythm. Listings pick up in spring, peak in mid-summer, then taper off as we head into fall and winter. You can see that wave clearly in recent years, and each summer peak has been a little higher than the last:
- Summer 2023: about 700 active listings
- Summer 2024: about 900
- Summer 2025: about 1,175
This year broke the pattern. Instead of peaking in July and easing off, listings kept climbing right into September, reaching 1,346. That's about 15% above last year's summer high, well above where we were this time last year, and roughly four times the number of homes for sale in early 2023.
Even the "quiet season" is busier
Here's a detail I find interesting: the winter lows keep rising too. The slowest point of each year has gone from about 330 listings in early 2023, to about 480 in early 2025, to about 620 this past winter.
In other words, the market's floor has moved up. Even in the off-season, buyers have more to choose from than they did just a few years ago.
Buyers are still out there
More homes on the market doesn't mean buyers have disappeared. About 830 homes in Dane County are currently under contract or pending. People are still finding homes they love and writing offers. They just have a little more breathing room to do it.
Is it a buyer's market now?
Not quite! Here's the simple way to think about "months of supply": if no new homes were listed, it would take about 3.4 months to sell everything currently on the market.
A balanced market, where neither buyers nor sellers have the upper hand, is usually around 4.5 to 6 months. At 3.4 months, Dane County is still a seller's market, just a gentler one than we've seen in years.
How we compare to the rest of the country
Nationally, there are about 4.9 months of supply, the highest in more than a decade. Some areas, especially parts of the South and West, have more homes for sale than before the pandemic, and prices there have softened.
The Midwest is a different story. Supply here has been tight for years, and while it's now growing quickly, it's still catching up. That's a big reason prices in our region are holding up better than the national average, and why Dane County homes are still appreciating even as inventory grows.
What this means for you
If you're buying: This is the most choice Dane County buyers have had in years. You may have more time to decide, more room to negotiate, and a better chance of keeping protections like your inspection contingency. Well-priced homes in great condition still move quickly, so it helps to be ready.
If you're selling: You're still in a seller's market, but buyers are more selective now. Pricing thoughtfully and taking care of the little things before you list matters more than it did a couple of years ago. Homes that show well and feel move-in ready are the ones getting attention.
If you're just curious: Totally fine! A shifting market is a great time to learn what's happening in your neighborhood, even if a move is years away.
I'm always happy to help
Market numbers are interesting, but every home and every neighborhood is a little different. If you're wondering what this means for your street, your home's value, or a future move, feel free to reach out. I'm always glad to be a resource, whenever the timing is right for you.
Warmly,
LaDonna Steinert, REALTOR®, ABR®, SRES®
The See Team | Compass RE Wisconsin
