Real Estate

Verona Area School District Real Estate Market Report

By May 5, 2023No Comments

Verona Area School District Real Estate Market Report

The City of Verona is located 10 miles southwest of Madison, Wisconsin and is a popular area for families and first-time home buyers. Known as “Hometown USA”, this city has grown significantly over the last decade with new single-family home developments and a highly regarded school district. The Verona Area School District serves residents of several municipalities and townships including: City of Verona, Town of Verona, and select neighborhoods in City of Fitchburg, City of Madison, and Town of Middleton. Many of our clients are interested in buying or selling in Verona, here’s some information about the housing market within the Verona Area School District.

Note: The above data includes active MLS listings as of May 5, 2023.

Why are there lots for sale that are marketed as a condominium? Recently Dane County has seen quite a few lots developed as condominium plats instead of a traditional plat or CSM, most likely to avoid the ETJ (Extra-Territorial Jurisdiction) of neighboring municipalities. Wisconsin law (62.i.23.7) allows for cities and villages to control the zoning outside of their boundaries to preserve the future growth patterns. Cities in Dane County generally don’t want rural subdivisions to develop in their ETJ because it will be more difficult to annex land into the cities in the future. A condominium plat is not subject to the same ETJ review as a standard plat, which means that rural subdivisions may be permissible as a condominium (depending on the township) where a regular plat may not.

Comparing Sales from Q1 2022 to Q1 2023

Single Family Home sales were down 42% from Q1 2022. In Q1 2023, there were four sales at Cathedral Point in the City of Verona (constructed 2016-2019), 13 sales at Crescent Crossing in the City of Fitchburg (constructed 2022 or newer) and nine sales at Woods at Cathedral Point in The City of Verona (constructed 2022 or newer). So, what does this mean? The biggest takeaway from these data points is that buyers looking to move into the Verona School District may need to consider new construction.

Condo sales for Q1 2023 in Verona Area School District were down 22% from Q1 2022 at 14 total sales, however the average price was up 25% from Q1 2022.

Note: Data above includes MLS listings only. Q1 refers to January 1 through March 31

Interested in learning more about buying and selling in the Verona Area School District or other communities in Dane County? Contact us today – our local Realtors are happy to chat in a no-pressure environment about the right real estate move for you.

Click here to view current listings in the Verona Area School District.

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Learn more about the community of Verona, Wisconsin and what it has to offer to its residents here:

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