October 2025 Market Update

This update is based upon information supplied by the Champaign County Association of REALTORS Multiple Listing Service for all attached and detached single-family properties in Champaign, Savoy or Urbana. It is important to keep in mind that specific segments of the market may have performed better or worse than the overall market analyzed below.

Year over year Analysis

For the most recent twelve months (10/01/2024-09/30/2025) the MLS reported 1,544 sales with a median sale price of $238,500 and a reported average marketing time of 35 days. For the prior twelve months (10/01/2023-09/30/2024) the MLS reported 1,559 sales with a median sale price of $227,000 and a reported average marketing time of 32 days.  This shows a year-over-year decrease in the number of sales of 15 homes or -0.9%. The median sale prices saw a 5.1% increase year-over-year. There are currently 202 homes on the market with an average marketing time of 73 days. This results in a 1.6-month supply of homes in inventory, which is a significant shortage relative to historical supply demand relationships in this market. Please note that the average marketing time of active listings is significantly above the average for closed sales in the prior 12 months. 

Interest Rates

In the first quarter of 2022 we saw a sharp increase in interest rates. Interest rates peaked in our area around 8.25% in summer of 2023. Rates have remained stable in 2025 in the 6.45% – 7.00% range. We have seen a slight decline in interest rates in the prior 30 days, with current interest rates in the 6.0% to 6.5% range.  Please note that the interest rate can vary significantly between lending institutions and borrower qualifications. Contact your Joel Ward Homes agent for recommendations! 

Employment

The close connection between employment levels and the strength of housing markets has been well established, both locally and on a national basis.  In December 2024 there were 110,890 employed people in Champaign County and an unemployment rate of 3.%. In December 2023 there were 105,772 people employed with an unemployment rate of 4.0%. This results in a 4.8% increase in the number of people employed. What follows is a graph showing the number of jobs in Champaign County, by month, based upon non-seasonally adjusted U.S Bureau of Labor Statistics data. Note that BLS has updated their data source and statistics for 2025. We are waiting for enough data to produce a chart that is accurate. For now, know that employment is stable in our market area.

Conclusions

We continue to see the shortage of homes available be a significant factor in our market, though supply is currently at it’s highest point this year at 1.6 months. September remained seasonally strong, though year-to-date sales volume is still down 8.8% compared to 2024.

What does this mean to the home seller? The current market is still favorable for sellers. The shortage of homes in inventory means very short marketing times for houses in good condition that are appropriately priced. However, houses that are priced even marginally high are experiencing significantly longer marketing times.

Multiple-offer situations are becoming less common at price points above $300,000, which is likely driven by the seasonal nature of our market. It is important for buyers to consider contract terms in addition to price as they are now having the ability to negotiate more. The speed of sales still remains fast, so buyer should still be prepared to proceed quickly when they find the right property.