As the NCAA Division I Men's Basketball Tournament approaches this week, tickets to attend March Madness, known as one of the most renowned sporting events in the United States, become pricey, according to a report. As CNNMoney reported Monday, the average cost of resale tickets is $316, which skyrocketed 29 percent from last year.

TicketIQ, a search aggregator, told CNNMoney that there are not a large quantity of ticket available for opening round games this year because resale ticket markets are smaller at the venues.

Fans can purchase the cheapest ticket for $43 for the opening and regional rounds of the tournament on TicketIQ.

The economy ticket, which cost $96 to attend the Final Four, is available in the market. By comparison, the cost of the ticket for the first and second rounds of the tournament last year was $38 and the cost of a ticket to attend the Final Four at NRG Stadium in Houston, Texas, was $102.

On Selection Sunday, 68 teams were selected by the NCAA committee to complete the bracket. Once the first four of eight lower-ranked teams win in the single-elimination tournament, 64 teams will be established in the bracket. Teams will hit the road to one of the eight large towns for early-round games, including Buffalo, Greenville, Indianapolis, Milwaukee, Orlando, Sacramento, Salt Lake City and Tulsa. The tournament begins on Tuesday in Dayton, Ohio.

Another ticket company offers various ticket deals

Fox Business reported Monday that Vivid Seats, the secondary market ticket aggregator, offers different ticket-buying deals. The reseller's data revealed that the average price for tickets to opening rounds games at BOK Center in Tulsa, Oklahoma is $187. Additionally, the average cost of tickets to early-round games at Banker Life Fieldhouse in Indianapolis is $203, while the average selling price of games at Amway Center in Orlando is $217.

On the other edge of the bracket location, Vivid Seats regarded Golden 1 Center as the most expensive venue in Sacramento, California and sell tickets for an average price of $302. According to Vivid Seats, the average prices for a ticket to early-round March Madness games at the Bon Secours Wellness Arena in Greenville, South Carolina cost $259.

Tickets to games at BMO Harris Bradley Center in Milwaukee, Wisconsin are selling for $249 at an average price.

Ticket prices will rise once teams move up to the Sweet Sixteen, Elite Eight, and Final Four. The average price for tickets, which are already available for sale on Vivid Seats, to regional road games (such as Sweet Sixteen and Elite Eight) is $389. The site is selling tickets at the average price of $885 for Final Four and National Championship games in Glendale, Arizona.