Cheapest Place to Buy a House near Madison, WI
Before we look at some of the cheapest places to buy a house near Madison, WI, it's important to understand what you're getting into. Let's look at a few important questions first.
What is the median home price in Madison?
According to Redfin, the median sales price in Madison is $355,200, as of September 2022. This is up 6% compared to September 2021.
If we break this down a bit further, we find that the median sales price for a single-family home is $377K, while the median sales price for a condo in Madison is $235K.
What does the median home price typically get you with a home?
It's a bit difficult to nail down exactly what you get for the median home price of $355K in Madison. There are many different options you might find with different features. For example, if you look in an area, such as Cambridge, you might get a 3 bedroom, 2.5 bathroom home with more than 2,300 square feet for about $375K.
However, if you look at Weston Place in Madison, you will find a 1 bedroom, 1 bathroom condo with a little over 1,000 square feet for the same $375K.
What you will get for the median home price in Madison will depend on the location and type of home. It can vary quite a bit.
Cheapest Places to Buy a House Near Madison
While the cheapest places to buy a house will provide a much lower price, you might end up buying somewhere else due to location and convenience. Below, we are going to list some of the cheapest places to buy a house near Madison, along with some areas below the median home price that are considered to be top Madison area neighborhoods.
Cheapest Home Prices in Madison
The cheapest home prices near Madison are found in:
- Bram's Addition
- Sherman Terrace
- Park Ridge
- Worthington Park
- Nobel Park
- Vera Court
All of these areas near Madison are much less expensive than the median home price for all of Madison.
Top Affordable Neighborhoods Near Madison
Some neighborhoods found near Madison might not be the cheapest on the list, but they are still below the median home price for the entire area. These affordable neighborhoods tend to offer a more desirable place to live, more convenience, and other benefits compared to the absolute cheapest places to buy a house in Madison.
You might find the homes to be a bit older than newer, more expensive neighborhoods. It's also common for more established neighborhoods to not have the same amenities, but they can still make for a great place to live, at a lower cost than other areas near Madison.
Some of the top affordable neighborhoods in Madison include:
All four of these areas near Madison offer homes you can find for under $300K. While they might also have more expensive homes, you can find great deals in these areas, if you have a smaller home buying budget.