Home Values

Madison Home Prices & Values

Zillow Home Value Index

The Zillow Home Value Index is the median Zestimate valuation for a given geographic area on a given day. Learn more

$126,600

  • 5.6% 1-year change
  • 1.7% 1-year forecast

The median home value in Madison is $126,600. Madison home values have gone up 5.6% over the past year and Zillow predicts they will rise 1.7% within the next year. The median list price per square foot in Madison is $75, which is lower than the Cleveland Metro average of $83. The median price of homes currently listed in Madison is $119,000 while the median price of homes that sold is $130,000. The median rent price in Madison is $800, which is lower than the Cleveland Metro median of $897.

Foreclosures will be a factor impacting home values in the next several years. In Madison 9.8 homes are foreclosed (per 10,000). This is greater than the Cleveland Metro value of 6.5 and also greater than the national value of 4.0

Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in Madison is 8.8%, which is higher than the national value of 6.4%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Madison homeowners underwater on their mortgage is 22.3%, which is higher than Cleveland Metro at 20.7%.

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Relative ZHVI
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Madison Market Overview

Data through Dec 31, 2014
  • $126,600 ZHVI
  • 1.7% 1-yr forecast
    The Zillow Home Value Forecast is Zillow's prediction of what the Zillow Home Value Index will be one year from now. Learn more
    (Dec 31, 2015)
  • $119,000 Median listing price
  • $130,000 Median sale price (Nov 30, 2014)
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Madison Market Health

Data through Dec 31, 2014
  • 3.2/10 Less healthy
    The Market Health Index illustrates the current health of a region's housing market relative to other markets across the country. The Market Health Index is based on up to 10 metrics including those capturing the past and projected evolution of home values, the prevalence of foreclosures, foreclosure re-sales, negative equity and delinquency, as well as whether homes are currently selling faster or slower than in the past.
  • No data Average days on Zillow
  • 22.3% Homes with negative equity (16.9% US Avg) (Sep 30, 2014)
  • 8.8% Delinquent on mortgage (6.4% US Avg) (Sep 30, 2014)

Homes foreclosed (per 10,000)

9.8 homes(Nov 30, 2014) Madison
6.5 homes Cleveland Metro
4 homes United States
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Nearby Cities

Name Median ZHVI
Montville $151,900
Perry $151,500
Thompson $148,500
Name Median ZHVI
Painesville $135,500
Austinburg $133,300
Rock Creek $114,200
Name Median ZHVI
Fairport Harbor $84,400
Geneva $83,100
Geneva-on-the-Lake $71,400

Listings & Sales

Data through Dec 31, 2014
  • $75 Median list price / sq ft
  • $84 Median sale price / sq ft (Nov 30, 2014)
  • 11.8% Listings with price cut
25.8%
Sold below listing
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Madison Rentals

Data through Dec 31, 2014
  • Zillow Rent Index

  • $1,170 Madison
    $1,165 Cleveland Metro
    $1,345 United States

    The Zillow Rent Index is the median Rent Zestimate valuation for a given geographic area on a given day. Learn more

  • 1.7 Breakeven horizon
    The breakeven horizon is the number of years after which buying is more financially advantageous than renting. Learn more
    (Jun 30, 2014)
  • No recent data Rent list price
  • No recent data Rent list price / sq ft
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