3-digit ZIP regional index
Home appreciation in ZIP codes 537xxMadison, WI area
FHFA HPI® data shows the regional home price index for ZIP codes beginning with 537 changed +4.0% over the year to Q2 2026, compared with +5.6% for Wisconsin and +3.0% for the United States.
The region covers ZIP codes 53702–53792. Most of its 2010 population lived in Dane County (100%). Communities in the region include Fitchburg, Monona, Shorewood Hills, Maple Bluff, Pewaukee. This is a regional index, not a ZIP5, street, or individual-home estimate.
- 1-year change
- +4.0%
- 5-year change
- +50.5%
- Since Q1 1995
- +308%
- National rank (1 year)
- 377th
Year to Q2 2026
vs U.S. +41.3%
vs U.S. +292%
of 882 ZIP3 regions
ZIP3 537 vs Wisconsin and the U.S.
FHFA HPI® all-transactions index, rebased so Q1 1995 = 100, through Q2 2026
- ZIP3 537: 408.2
- Wisconsin: 363.5
- Madison, WI metro: 376.1
- United States: 391.6
Want a different starting year? Rebase this chart or compare with another ZIP3.
Appreciation by time window
| Window | ZIP3 537 | WI | U.S. | Gap vs WI | Gap vs U.S. |
|---|---|---|---|---|---|
| 1 year | +4.0% | +5.6% | +3.0% | −1.5 pts | +1.0 pts |
| 3 years | +17.6% | +20.9% | +12.9% | −3.3 pts | +4.7 pts |
| 5 years | +50.5% | +54.0% | +41.3% | −3.5 pts | +9.2 pts |
| 10 years | +105% | +106% | +93.3% | −0.6 pts | +11.9 pts |
| Since Q1 1995 | +308% | +264% | +292% | +44.6 pts | +16.6 pts |
If you bought in ZIP3 537 in…
Applying the regional index change from the same quarter of each year to Q2 2026 to an example $300,000 purchase price. Individual homes can differ widely from the regional average.
| Bought in | Index change | $300,000 then, at the regional rate |
|---|---|---|
| Q2 1995 | +302% | $1,206,711 |
| Q2 2000 | +224% | $971,631 |
| Q2 2005 | +127% | $681,386 |
| Q2 2010 | +131% | $692,366 |
| Q2 2015 | +117% | $650,438 |
| Q2 2020 | +68.5% | $505,470 |
| Q2 2021 | +50.5% | $451,477 |
| Q2 2023 | +17.6% | $352,756 |
| Q2 2025 | +4.1% | $312,161 |
How ZIP3 537 ranks
Over the past year ZIP3 537 ranks 377th of 882 3-digit ZIP regions nationally and 15th of 18 in Wisconsin. Its one-year change is +1.0 pts versus the nation and −1.5 pts versus Wisconsin. Rank 1 is the strongest appreciation.
| Window | National rank | Rank in Wisconsin |
|---|---|---|
| 1 year | 377th of 882 | 15th of 18 |
| 3 years | 316th of 882 | 16th of 18 |
| 5 years | 256th of 882 | 16th of 18 |
| 10 years | 255th of 882 | 13th of 18 |
| Since Q1 1995 | 277th of 879 | 5th of 18 |
Boom, bust, and recovery in ZIP3 537
ZIP3 537's index peaked in Q1 2008, fell 7.7% to its low in Q2 2011, and regained its peak in Q2 2015, about 7.2 years after the top. Today it sits +117% versus that 2000s peak. How every state and ZIP region fared
| Area | 2000s peak | Low point | Peak to low | Back to peak | Today vs peak |
|---|---|---|---|---|---|
| ZIP3 537 | Q1 2008 | Q2 2011 | -7.7% | Q2 2015 (7.2 yrs) | +117% |
| WI | Q1 2008 | Q1 2014 | -11.9% | Q2 2017 (9.2 yrs) | +97.4% |
| Metro | Q1 2008 | Q2 2012 | -8.1% | Q4 2015 (7.8 yrs) | +104% |
| U.S. | Q1 2007 | Q2 2012 | -19.0% | Q4 2016 (9.8 yrs) | +89.3% |
Appreciation after inflation
Adjusting for consumer price inflation, ZIP3 537's index has changed +84.3% in real terms since Q1 1995. Home prices vs inflation
| Window | Inflation (CPI-U) | ZIP3 537 after inflation | WI after inflation | Metro after inflation | U.S. after inflation |
|---|---|---|---|---|---|
| 1 year | +3.9% | +0.2% | +1.7% | +1.0% | -0.8% |
| 3 years | +9.8% | +7.1% | +10.1% | +7.1% | +2.8% |
| 5 years | +24.0% | +21.3% | +24.1% | +20.1% | +13.9% |
| 10 years | +39.1% | +47.5% | +47.9% | +41.4% | +39.0% |
| Since Q1 1995 | +121% | +84.3% | +64.2% | +69.9% | +76.8% |
Estimate appreciation for a home in ZIP3 537
Regional estimate
$615,580
- Estimated gain
- $315,580
- Index change
- +105%
- Start index
- 198.91
- End index
- 408.15
ZIP3 537 (Madison, WI area), Q2 2016 to Q2 2026. Index type: Native 3-Digit ZIP index.
Nearby 3-digit ZIP regions
| 3-digit ZIP region | State | 1 year | 5 years | Since Q1 1995 |
|---|---|---|---|---|
| 535 · Janesville, WI area | WI | +5.2% | +50.9% | +256% |
| 539 · Beaver Dam, WI area | WI | +7.7% | +62.5% | +300% |
| 611 · Rockford, IL area | IL | +10.0% | +70.1% | +159% |
| 610 · Freeport, IL area | IL | +6.0% | +52.9% | +156% |
| 530 · Sheboygan, WI area | WI | +6.5% | +53.5% | +241% |
| 531 · Kenosha, WI area | WI | +6.6% | +52.2% | +248% |
Recent quarterly index values
| Period | Index |
|---|---|
| Q2 2026 | 408.15 |
| Q1 2026 | 389.90 |
| Q4 2025 | 392.16 |
| Q3 2025 | 389.43 |
| Q2 2025 | 392.25 |
| Q1 2025 | 380.58 |
| Q4 2024 | 373.30 |
| Q3 2024 | 375.56 |
| Q2 2024 | 372.78 |
| Q1 2024 | 359.84 |
| Q4 2023 | 354.02 |
| Q3 2023 | 354.31 |
Frequently asked questions
- How much have home prices risen in ZIP codes starting with 537?
- Based on FHFA HPI® data for 3-digit ZIP region 537, the regional index changed +4.0% over the year to Q2 2026, +50.5% over five years, +105% over ten years, and +308% since Q1 1995.
- Is ZIP3 537 appreciating faster than Wisconsin and the U.S.?
- Over the past year the region's index +4.0% compares with +5.6% for Wisconsin and +3.0% for the U.S., a gap of +1.0 pts versus the nation. Over five years the gap versus the nation is +9.2 pts.
- Which ZIP codes are in 3-digit ZIP region 537?
- All ZIP codes that begin with 537. Census 2010 ZIP Code Tabulation Areas in this region run from 53702 to 53792 (15 areas). FHFA publishes one index for the whole 3-digit region, not for each 5-digit ZIP code.
- Can I use this to value my home?
- No. The FHFA HPI® is a broad regional index of average price movement. It is not an appraisal, tax assessment, or automated valuation of any individual property. Use it as general context alongside local sales and a professional opinion.