MADISON, Wis. (WMDX) – This week is the first annual Madison Housing Week.
Madison is facing a housing crisis. From February 2022 to February 2023, Madison had the highest rent increases in the nation at about 14%. That’s according to data from ApartmentList. A year later, Madison ranked #2 in the nation for rent increases. The report showed the city had a 5.8% increase in rent prices from February 2023 to February 2024. Arlington, Virginia was the only city where rent rose higher than it did in Madison.
According to real estate website Redfin, Madison’s real estate market is deemed “very competitive”. It said on average, there are seven offers on every home sold. The median home price in July was $441,000, which is 11.7% higher than July 2023.
This is the first year of Madison Housing Week, hosted by the Madison Housing Coalition. The coalition includes more than a dozen organizations like Madison is for People, AARP Wisconsin, Smart Growth of Greater Madison, the Wisconsin Housing and Economic Development Authority.
The mission is to talk about Madison’s growth, housing shortage, and solutions. There are talks, tours, and gatherings to discuss ideas and initiatives to improve housing stock, and make it more accessible to everyone.
Madison Housing Week is from August 17 through August 22. Click here for a breakdown of the events.
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