Madison, IL

Madison is a city located in Madison County, Illinois, United States. As of the 2010 census, the city had a population of 36,513. It is the county seat of Madison County. The city is home to the University of Illinois at Urbana- Champaign and its medical center.

Madison was founded in 1818 as Fort Madison by General James K. Polk and named for James Madison, fourth President of the United States. The first post office opened in 1819. The city grew rapidly after the railroad was built through it in 1854 and became an important manufacturing center for farm implements and machinery. Manufacturing declined after World War II but has since grown again due to new businesses such as information technology and biotechnology companies.

Real estate is an important part of Madison's economy; according to 2017 figures from Realtor Magazine, Madison ranks No. 1 among U.S cities with $2 trillion in real estate value.[1] In addition to being one of America's wealthiest cities,[2] Madison also has a high quality of life,[3] with excellent schools[4][5][6][7], low crime rates,[8] and a strong economy.[9][10]

The real estate market in Madison is highly competitive; homes are often sold quickly and prices are high compared to other U.S cities.[11] There are several factors that contribute to this high demand:

First, there is a large number of college students who live in or near downtown Madison; second, many people who live in Madison commute into Chicago or other larger cities for work; third, there is a large number of affluent families who want to live close to downtown amenities such as restaurants and shopping; fourth, there are many luxury homes available for sale due to recent development projects such as Lakeshore East[12][13][14].

Despite these challenges, there are still opportunities for buyers who know what they're looking for: according to Zillow data from January 2018,[15], median home values were $269k (up 6% from January 2017), while median rent prices were $1,128/month (up 2%).[16]