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%.
It is noteworthy that January 2024 saw an 8-year high in overall sales volume, and an increase of 63.2% over January of 2023.
The most significant change to the market is the day on market for active listings is increasing significantly when compared to recent months. While this is typical for early fall market, as well as election years, it does mark a change. The Federal Reserve’s recent announcement of plans to decrease interest rates in September could also be a contributing factor to the slow down in the current real estate inventory.
The most significant change to the market is the days on market for active listings is increasing significantly when compared to recent months. While this is typical for early fall market, as well as election years, it does mark a change. The decrease in interest rates will likely bring some additional buyers to market prior to winter as well.
The most significant change to the market is the day on market for active listings is increasing significantly when compared to recent months. While this is typical for early fall market, as well as election years, it does mark a change. The Federal Reserve’s recent announcement of plans to decrease interest rates in September could also be a contributing factor to the slow down in the current real estate inventory.
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.