This shows a decrease in the number of sales of 365 homes or -17.9%. The median sale prices saw a 6.9% increase year-over-year. There are currently 150 homes on the market with an average marketing time of 79 days. This results in a 1.1-month supply of homes in inventory, which is a significant shortage relative to historical supply demand relationships in this market.
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 notable is that sales volume is significantly down when compared to the same months in years prior. April saw a 20% decrease in sales volume when compared to April of 2022. The year-to-date sales volume is down approximately 22% when compared to 2022 as well.
There are currently 170 homes on the market with an average marketing time of 82 days. This results in a 1.3-month supply of homes in inventory, which is a significant shortage relative to historical supply demand relationships in this market.
The market for buyers in many market segments under $400,000 is extremely competitive, especially for “move-in ready” properties. Buyers should be prepared to enter into multiple offer situations and discuss offer strategies with the agents prior to presenting any offers.
For the most recent twelve months (05/01/2023-4/30/2024) the MLS reported 1,639 sales with a median sale price of $218,500 and a reported average marketing time of 29 days. For the prior twelve months (05/01/2022-4/30/2023) the MLS reported 1,849 sales with a median sale price of $190,000 and a reported average marketing time of 30 days.
For the most recent twelve months (04/01/2023-3/31/2024) the MLS reported 1,631 sales with a median sale price of $214,000 and a reported average marketing time of 28 days. For the prior twelve months (04/01/2022-3/31/2023) the MLS reported 1,896 sales with a median sale price of $190,000 and a reported average marketing time of 31 days.
For the most recent twelve months (03/01/2023-2/29/2024) the MLS reported 1,639 sales with a median sale price of $211,000 and a reported average marketing time of 28 days. For the prior twelve months (03/01/2022-2/28/2023) the MLS reported 1,923 sales with a median sale price of $190,000 and a reported average marketing time of 32 days.