Is Madison, SD 57042 a buyer’s or seller’s market?
Madison is a seller’s market. With about 3.4 months of supply and 19% of recent sales closing above the original list price, competing offers are common on well-priced homes. Buyers here often have a pre-approval in hand and a plan for the appraisal gap before touring.
More competitive than 54% of U.S. ZIP codes, and #10 of 33 in the state.
Based on share sold above original list, sale-to-list ratio, months of supply and days on market for the 3 months ending August 31, 2026. See the breakdown
The Madison housing market right now
In the three months ending August 31, 2026, 19% of homes in Madison, SD 57042 sold above their list price, the typical home went under contract in 21 days and there were 3.4 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. That’s based on 32 home sales.
Compared with the same period a year earlier, the share selling over asking fell from 24%, homes sold faster (45 days then) and the median sale price rose 18% to $299,370. Overall, Madison is about as competitive as it was a year ago.
On our competition score, Madison ranks #10 of 33 SD ZIP codes with enough sales (score 53 out of 100).
Nearby, buyers who want less competition could look at Wentworth 57075 (0% sold over asking) or Ramona 57054 (0% sold over asking), while Rutland 57057 (100% sold over asking) is even more competitive.
Run the numbers for 57042
Nearby markets
Chester 57016 — /sq ftRamona 57054Seller’s market $110 /sq ftRutland 57057 $172 /sq ftWentworth 57075Buyer’s market $287 /sq ft Browse all markets →Towns like Madison nearby
Find towns like Madison in other states →Where Madison is
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Questions about Madison real estate
Is Madison a buyer’s or seller’s market?
A seller’s market: there were 3.4 months of supply in Madison, SD 57042 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 21 days in the latest three months.
Do homes in Madison sell over asking?
19% of homes sold above their original list price, and the typical sale closed at 98.6% of the list price.
What are property taxes in Madison?
About 1.03% of a home’s value a year in Lake County, or roughly $4,120 on a $400,000 home.
What is the median home price in Madison?
The median sale price was $299,370 in the three months ending August 31, 2026, about $155 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