It is most notable that while there is still a significant shortage of homes available in inventory, the market is showings signs of moving back to a state of relative equilibrium. Prices remain strong though marketing times are increasing significantly. This is likely due to seasonality of the market (see graph “Number of Sales by Month”), combined with high interest rates.

Month-over-month sales in Champaign-Urbana saw and increase of 8.1% between October and November ($181,000 in October and $195,500 in September). This follows a decline in median sales prices in Q3, which stabilized in September. Marketing times have risen significantly, at 100 days on average, and is well above the average for the prior two years

Month-over-month sales in Champaign-Urbana saw median sales prices stabilize after two months of decline in August and September. ($181,000 in October and $181,500 in September).  Marketing times remain low – below 30 days.  Please also note that year-over-year median sales price increases are still above average 6.1%.

This shows a decrease in the number of sales of 50 homes or -2.4%. The median sale prices saw a 5.6% increase. There are currently 204 homes on the market with an average marketing time of 83 days. This results in a 1.2-month supply of homes in inventory, which is a significant shortage relative to historical supply demand relationships in this market.

July 2022 saw the lowest sales volume in the prior 5 years.  Additionally, month-over-month Champaign-Urbana saw a 4.9% decline in median sales prices ($203,000 in July and $193,000 in August) However, please note that year-over-year median sales price increases are still above average at 5.1%.