Here's how third quarter median price trends for homes and condos stacked up across Dane County, Wisconsin and the United States. All data comes from the Wisconsin Realtors Association and the National Association of Realtors:
- Dane County: median price down 2.7% from Q3 of 2007
- Wisconsin: down 5.3%
- United States: down 9%
One big reason for Dane County's price stability relative to the state and the nation as a whole is our local economy. According to the Wisconsin Department of Workforce Development, the October unemployment rate in Madison and Dane County stood at 3.3%, compared to 4.4% for the state and 6.1% for the nation.
We should expect local and national unemployment rates to rise due to news of pending job cuts, but rates in Madison and Dane County should remain well below state and national levels due to our diversified base of public and private sector jobs. That's one thing to be thankful for as we approach a new year in real estate.
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