In 2021, the value of the average single-family home in Madison grew 12.4% from 2020, to a new record of $376,900, according to a Wisconsin State Journalreport. The citywide value is based on assessments recently released by the city of Madison’s assessor’s office. Development and a hot real estate market are said to be the main factors for the new record. The second-largest jump in home values was reported in 1994 when they grew by 12%. The refreshed assessments are based on sales and other data from 2021 and also identify a 10.9% increase for all real estate. The overall spike in values is the highest since 2001 and well above the 5.9% increase of the year prior.
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