On to October… and all of the fun fall festivities! The leaves are changing and so is our local real estate market. I wanted to send you a quick update on the numbers you need to know if you’re considering entering the market to buy or sell a home in the greater Champaign-Urbana area:
Home Prices: The average sales price for the area continues to trend upward with prices up 8.2% compared to last September; Looking at prices for closed homes in the last quarter, we are seeing the rate of appreciation starting to slow down.
Number of Homes for Sale: The supply of homes for sale, while still historically low, is holding steady coming out of the summer months. Compared to February of this year when we saw the fewest homes for sale, home buyers have significantly more options – there are nearly 60% more homes for sale since then — for their home search! Realtor.com reports that “today’s home shoppers have more than 5 homes to consider for every 4 they had at this time a year ago.”
Average Days on Market: Homes that closed in September took 24 days to sell; while this number is creeping up slightly compared to earlier this year, it’s still among the fastest sales periods of the last 10 years.
These insights are the big picture of what’s going on in our local market. If you have questions about our market and how these statistics may impact you or your real estate plans, please call us at 217-351-4900 or send me a quick reply. We would love to help you… and we may already have your buyer! Here are just a few of the current needs we’re searching for:
- 4 bedroom home in a country setting with wooded views near Seymour, White Heath or Monticello: Up to $350,000
- Modern home with private backyard and finished basement in Mahomet’s Thornewood subdivision: Up to $800,000
- 3 bedroom home or condo with 1500+ square feet in Champaign, Savoy, or Urbana: Up to $200,000
- Character-filled home in an established Champaign or Urbana neighborhood: Up to $150,000
- Multiple multi-family properties in and around campus: Up to $500,000
- 3-4 bedroom ranches in St. Joseph and Monticello: Up to $350,000
- Multiple rural properties in Champaign and Vermilion counties: Up to $200,000
- 4+ bedrooms, including main floor bedroom, with brick exterior in newer subdivisions in Champaign, Savoy, or Mahomet: Up to $450,000
- Updated home in Champaign-Urbana: Up to $175,000
- Move-in ready 3 bedroom home near Danville: Up to $90,000
- Multiple 3 bedroom homes with land and outbuildings within 20 miles of Potomac
- Updated 3+ bedroom home in Mattoon/Charleston: Up to $225,000
- 3-4 bedroom home any condition in Champaign’s Holiday Park neighborhood: Up to $150,000
- Champaign-Urbana area with little work needed: Up to $115,000
- Multiple 3+ bedroom homes in Bloomington-Normal: Up to $200,000
- Ranch homes in Tuscola, Paxton, and Rantoul: Up to $110,000
- 3+ bedroom with open floor plan and attached garage in Urbana: Up to $200,000
- Modern home with basement and no backyard neighbors in Monticello: Up to $400,000
- Farmer City / LeRoy / Mansfield area with 3 bedrooms: Up to $200,000
- Champaign home with multiple living spaces: Up to $200,000
- 4+ bedrooms in Bloomington, Normal, or Downs: Up to $400,000
- Spacious 4+ bedroom home with quality finishes in Champaign: Up to $700,000
- Newer, open concept home with 4+ bedrooms in Champaign or Mahomet: Up to $350,000
…and many, many more! Have a match or know someone who does? Please let us know!
Want to make a difference with us this October? We’ve deemed it: SOCK-tober at RDRE. Socks are among the most requested items at local shelters and we want to do our part. We are collecting community donations of new socks of any size at our Champaign office throughout the month of October and will be donating a dozen pairs for every home we sell! Let’s make an IMPACT together!
And a huge thank you for once again voting us your #1 Real Estate Company in the News-Gazette People’s Choice Awards! We are all truly grateful for your trust and your support with your biggest real estate decisions. Our team has received this honor 5 years in a row now – we’re so grateful to serve families so many in our community!