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%.

Most notably, July 2022 saw the lowest sales volume in the prior 5 years. Additionally, month-over-month Champaign-Urbana saw a 3.6% decline in median sales prices ($216,000 in July and $224,000 in June). However, please note that year-over-year median sales price increases are still above average at 6.3%.

Most notably, the first quarter of 2022 saw sales volume return to more average levels, with April and June 2022 having the lowest number of sales in the prior 5 years. This is highlighted in the graph below. Additionally, we are seeing even shorter marketing times as the velocity of the market continues to be very strong.

It is most notable that there is a significant shortage of homes in inventory, which is putting upward pressure on sales prices. It is also significant that sales volume is returning to pre Covid-19 levels, though sales prices are still up significantly year-over-year. This could be a potential indicator of the market moving closer to a state of balance as higher interest rates push some buyers out of the market. 

It is most notable that there is a significant shortage of homes in inventory, which is putting upward pressure on sales prices. This is most likely due to the combination of pent-up demand being released as well as buyers pushing to get under contract in anticipation of rising interest rates. It is also significant that sales volume for the month of April is at a 5-year low and the rate at which home values are increasing is slowing. This could be a potential indicator of the market moving closer to a state of balance as higher interest rates push some buyers out of the market.