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Is Madison, MN 56256 a buyer’s or seller’s market?

Buyer’s market 3 months ending August 31, 2026 · Source: Redfin

Madison is a buyer’s market. With about 10.9 months of supply, buyers usually have more time and more room to negotiate on price and terms.

Months of supply10.9Under 4 months = seller’s market
Sold above original list0%Share of sales, last 3 months
Median sale-to-list95.6%Sold price ÷ list price
Median days on market17Listing to accepted offer
Median price per sq ft$119▲ +91.3% vs. last year

The Madison housing market right now

In the three months ending August 31, 2026, 0% of homes in Madison, MN 56256 sold above their list price, the typical home went under contract in 17 days and there were 10.9 months of supply. More than six months of supply favors buyers, who usually have more time and more room to negotiate. With only 5 sales, these figures can swing a lot from month to month.

Compared with the same period a year earlier, the share selling over asking was about the same (0% then), homes sold faster (62 days then) and the median sale price rose 43% to $198,914. Overall, Madison is more competitive than a year ago, so tougher for buyers.

Nearby, Boyd 56218 (50% sold over asking) is even more competitive.

Run the numbers for 56256

Prefilled for 56256Can I win this house?Multiple-offer likelihood for a listing Prefilled for 56256Over-asking calculatorTypical range over list ToolOffer strength scoreHow your offer looks to a seller ToolAppraisal gapCash needed if it appraises low

Nearby markets

Bellingham 56212Buyer’s market $72 /sq ftBoyd 56218Seller’s market $97 /sq ftDawson 56232Buyer’s market $92 /sq ft Browse all markets →

Towns like Madison nearby

Find towns like Madison in other states →
Appleton, MN56208 · 17 miles away94% similarVery close on income, prices and more Ortonville, MN56278 · 27 miles away85% similarpricier homes ($79K more) Montevideo, MN56265 · 24 miles away79% similarpricier homes ($38K more) · larger Dawson, MN56232 · 7 miles away78% similarpricier homes ($48K more) · younger residents

Where Madison is

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Questions about Madison real estate

Is Madison a buyer’s or seller’s market?

A buyer’s market: there were 10.9 months of supply in Madison, MN 56256 in the three months ending August 31, 2026. Under four months usually favors sellers, and more than six favors buyers.

How fast do homes sell in Madison?

The typical home went under contract in 17 days in the latest three months.

Do homes in Madison sell over asking?

0% of homes sold above their original list price, and the typical sale closed at 95.6% of the list price.

What are property taxes in Madison?

About 0.90% of a home’s value a year in Lac qui Parle County, or roughly $3,600 on a $400,000 home.

What is the median home price in Madison?

The median sale price was $198,914 in the three months ending August 31, 2026, about $119 per square foot.

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Market data describes housing activity only. Figures are rolling 3-month values from Redfin and may be revised. Methodology