Madison Home Prices: $464K, Up 2.4% — 12 ZIPs Analyzed (2026)
$464K. That’s what a typical home costs in Madison right now — and it’s still climbing. The median home value rose 2.4% over the past year, putting the state capital further out of reach for some buyers while ZIP-level data reveals pockets where prices stay under $370K.
Quick answer: The average home price in Madison, WI is $463,648 as of February 2026, up 2.4% year over year according to Zillow.
Current Home Prices in Madison
Madison’s housing market has held firm through early 2026. The median home value sits at $463,648 — a $10,986 increase from $452,661 a year earlier in March 2025.
| Metric | Value |
|---|---|
| Median Home Value | $463,648 |
| Year-over-Year Change | +2.4% |
| Lowest ZIP Value | $354,358 |
| Highest ZIP Value | $771,389 |
| Number of ZIPs Tracked | 12 |
| Data As Of | February 2026 |
The 2.4% annual gain is modest. It won’t make existing homeowners rich, but it means values aren’t sliding either. The spread between the cheapest and most expensive ZIP is $417,031 — a gap wide enough to put entirely different buyer pools in competition depending on neighborhood.
For a home at the median, a buyer putting 20% down would finance roughly $370,918. At a 7% mortgage rate, that’s about $2,468 per month in principal and interest alone — before property taxes and insurance push the total closer to $3,000.
Madison Home Prices by Neighborhood
Not all of Madison costs $464K. The city’s 12 tracked ZIP codes show a range that nearly doubles from south side to west side.
| ZIP Code | Typical Home Value | Avg. Monthly Rent |
|---|---|---|
| 53726 | $771,389 | N/A |
| 53705 | $540,929 | $2,040 |
| 53717 | $499,625 | N/A |
| 53711 | $494,332 | $1,768 |
| 53715 | $486,424 | $1,998 |
| 53703 | $434,000 | $1,682 |
| 53719 | $425,925 | $1,689 |
| 53718 | $424,726 | $1,706 |
| 53716 | $401,788 | $1,657 |
| 53714 | $366,044 | $1,463 |
| 53704 | $364,239 | $1,506 |
| 53713 | $354,358 | $1,399 |
Most Expensive ZIPs
53726 — $771,389. This is Madison’s priciest ZIP by a wide margin, valued 66% above the city median. No rent data is tracked here, suggesting it’s heavily owner-occupied.
53705 — $540,929. At $2,040/month in rent, this ZIP also carries the highest rental costs in the city. Home values run 17% above the Madison median.
53717 — $499,625. Priced 8% above the city average with no rent index available. It sits between the premium west side and more affordable north side.
Most Affordable ZIPs
53713 — $354,358. Madison’s cheapest ZIP is 24% below the city median. Rent here averages just $1,399/month — the lowest tracked in the city.
53704 — $364,239. North-side homes come in 21% below the median. Rent averages $1,506, making it one of the better deals for both renters and buyers.
53714 — $366,044. Just slightly above 53704 in price, this east-side ZIP offers rent at $1,463/month — the second-lowest in Madison.
Rent vs Buy in Madison
Renting wins on monthly cost right now. It’s not even close.
The average rent across Madison’s 10 tracked ZIPs is approximately $1,691 per month. Meanwhile, buying at the median home value of $463,648 with 20% down and a 7% mortgage rate means roughly $2,468/month in principal and interest. Add property taxes and insurance, and you’re looking at $2,900 to $3,100 per month.
That’s a gap of $1,200+ per month between renting and owning.
| Renting | Buying (Median) | |
|---|---|---|
| Monthly Cost | ~$1,691 | ~$2,900+ |
| Upfront Cost | Security deposit | ~$92,730 (20% down) |
| Builds Equity | No | Yes |
The math shifts if you plan to stay 7+ years and prices keep rising at 2-3% annually. But for anyone on a shorter timeline, renting is the cheaper path. Even in the most expensive rental ZIP (53705 at $2,040/month), renting that same area’s $540,929 median home would cost far more as a mortgage.
The cheapest ZIP to rent is 53713 at $1,399/month. Buying there would run about $1,750/month in P&I alone on a $354,358 home — the narrowest rent-buy gap in the city.
Population Growth and Migration
Madison is adding residents. The city’s population reached 285,300 in 2024, up 3.8% from 274,884 in 2020. That’s roughly 10,400 new residents in four years.
| Year | Population |
|---|---|
| 2020 | 274,884 |
| 2021 | 271,139 |
| 2022 | 277,416 |
| 2023 | 281,162 |
| 2024 | 285,300 |
The dip in 2021 stands out. Madison lost nearly 3,700 residents that year — likely a pandemic-era shift. But the recovery was swift: 6,277 people added in 2022 alone, followed by steady gains in 2023 and 2024.
How does Madison compare to other Wisconsin cities?
| City | 2024 Population | 4-Year Growth |
|---|---|---|
| Madison | 285,300 | +3.8% |
| Eau Claire | 72,331 | +4.1% |
| Janesville | 66,428 | +1.2% |
| Waukesha | 71,461 | +0.5% |
| Oshkosh | 67,242 | +0.5% |
| Racine | 78,057 | -0.1% |
Eau Claire edges out Madison on growth rate (4.1% vs 3.8%), but Madison is adding far more people in absolute terms. Racine is the only city losing population. Continued growth in Madison puts upward pressure on housing demand — more people competing for the same housing stock.
Madison Housing Market Trends
Here’s how home values moved month by month over the past year:
| Month | Avg. Value | Low | High |
|---|---|---|---|
| Feb 2026 | $463,648 | $354,358 | $771,389 |
| Jan 2026 | $461,631 | $352,750 | $768,173 |
| Dec 2025 | $459,854 | $351,907 | $764,099 |
| Nov 2025 | $458,319 | $351,736 | $759,893 |
| Oct 2025 | $456,591 | $351,490 | $754,338 |
| Sep 2025 | $455,100 | $350,923 | $750,713 |
| Aug 2025 | $454,252 | $350,002 | $749,010 |
| Jul 2025 | $454,251 | $349,161 | $748,089 |
| Jun 2025 | $454,574 | $348,564 | $746,525 |
| May 2025 | $454,696 | $347,392 | $743,110 |
| Apr 2025 | $454,242 | $345,540 | $739,558 |
| Mar 2025 | $452,661 | $343,178 | $733,546 |
The pattern is clear: prices flatlined from spring through summer 2025, then accelerated into winter. Between March and July 2025, the median moved just $1,590. Between October 2025 and February 2026, it jumped $7,057.
The floor has been rising too. The cheapest ZIP went from $343,178 in March to $354,358 in February — an $11,180 increase at the bottom of the market. Affordable options are getting less affordable.
Is Madison a Good Place to Buy in 2026?
The data points to a mild seller’s market. Prices are up 2.4% year over year with no months of decline in the past twelve. Population growth of 3.8% adds demand pressure. And the acceleration in late 2025 into early 2026 suggests momentum hasn’t faded.
For buyers, the upside is that 2.4% annual appreciation is manageable — you’re not buying into a runaway market. The downside: there’s no discount coming. Every month of waiting over the past year would have cost you more.
The rent-buy gap is wide, though. If you’re not sure you’ll stay at least five to seven years, the monthly savings from renting are hard to ignore. At $1,200+/month less than owning, a renter saves $14,400 per year — more than the annual appreciation on a median-priced home.
Buyers with flexibility should look at 53713, 53704, and 53714, where prices are 21-24% below the city median.
Madison Housing Market Outlook for 2026-2027
The 12-month trend shows steady upward movement with no signs of reversal. If the current pace continues — roughly $2,000/month in appreciation since fall 2025 — Madison’s median could approach $475,000 by mid-2026.
The flatline from May through August 2025 is worth watching. Seasonal cooling is normal, and a similar plateau this summer would be typical rather than alarming. The floor price has risen every single month for a year, which suggests sustained demand even at the low end.
Population growth and the university economy provide a demand backstop that many mid-sized cities lack. Barring a sharp rise in mortgage rates or an economic shock, the three- to six-month outlook points to continued modest gains.
Similar Markets in WI
If you’re considering Madison, these Wisconsin cities offer different price points:
- Milwaukee — Wisconsin’s largest city, typically priced below Madison with a wider range of neighborhoods.
- Appleton — A smaller Fox Valley market where buyers find considerably lower medians.
- Green Bay — Northeast Wisconsin’s hub, offering more home for the dollar than Madison.
- Waukesha — A Milwaukee suburb with slow population growth (0.5%) and suburban pricing.
- Oshkosh — Another college town option at a fraction of Madison’s cost.
Frequently Asked Questions
What is the average home price in Madison?
The average home price in Madison is $463,648 as of February 2026. Prices across the city’s 12 tracked ZIP codes range from $354,358 in 53713 to $771,389 in 53726. That $417,031 spread means your experience of the Madison market depends heavily on where you look.
Are home prices going up or down in Madison?
Prices are going up. Madison home values increased 2.4% year over year, rising every single month over the past 12-month period. The gains accelerated in late 2025, with the October-to-February stretch adding $7,057 to the median.
Is it cheaper to rent or buy in Madison?
Renting is cheaper by a significant margin. The average rent across Madison is about $1,691/month, while owning the median-priced home costs roughly $2,900+/month including principal, interest, taxes, and insurance. That’s a gap of over $1,200 per month. Buying makes more sense if you plan to stay long enough — generally seven years or more — for equity gains to close the gap.
What is the most affordable neighborhood in Madison?
ZIP code 53713 is the most affordable, with a typical home value of $354,358 — 24% below the city median. Rent in 53713 averages $1,399/month, also the lowest in Madison. The nearby 53704 ($364,239) and 53714 ($366,044) offer similar affordability.
Methodology
Home values are based on the Zillow Home Value Index (ZHVI), a smoothed measure of typical home values in the 35th to 65th percentile range. Rent estimates use the Zillow Observed Rent Index (ZORI). Population figures come from the U.S. Census Bureau Population Estimates Program (2020-2024 vintage). All datasets are publicly available. Housing data updated 2026-02-28.