Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 17,565, 6,825 total housing units (homes and apartments), and a median house value of $713,314, Madison house prices are not only among the most expensive in Connecticut, Madison real estate also is some of the most expensive in all of America.
Single-family detached homes are the single most common housing type in Madison, accounting for 91.42% of the town's housing units. Other types of housing that are prevalent in Madison include row houses and other attached homes ( 3.25%), large apartment complexes or high rise apartments ( 2.90%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.43%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Madison. Owner-occupied housing accounts for 88.77% of Madison's homes, and 75.22% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Madison built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Madison built between 1940-1969 ( 30.14%). A lesser amount of the housing stock also hails from between 2000 and later ( 11.13%). There's also some housing in Madison built before 1939 ( 10.67%).
Vacant housing appears to be an issue in Madison. Fully 15.03% of the housing stock is classified as vacant. Left unchecked, vacant Madison homes and apartments can be a drag on the real estate market, holding Madison real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Madison's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Madison during the period has been just 5.07%, which is lower than 80% of US communities.
Appreciation rates are so strong in Madison that despite a nationwide downturn in the housing market, Madison real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Madison appreciation rates continue to be some of the highest in America, at 8.65%, which is higher than appreciation rates in 77.35% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Madison. Madison appreciation rates in the latest quarter were at 0.95%, which equates to an annual appreciation rate of 3.86%.
Relative to Connecticut, our data show that Madison's latest annual appreciation rate is lower than 50% of the other cities and towns in Connecticut.
$713,314
for Connecticut
for nation
6,825
$3,750 / per month