Is Urbana, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Urbana is a seller's market

Buyer's
Market

Difference Since May 2023

Since last year, Urbana has remained a Seller's Market.

Key Takeaway

Urbana is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Urbana, IL

How much do homes in Urbana, IL cost?

Median Sold Price

$198,666

$135/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$26,499(+15.4%)

Key Takeaway

Homes in Urbana have sold for 15.4% more than they did a year ago.

Summary: The median home sold price in Urbana was $198,666 in May 2024, up 15.4% from last year, and the median price per square foot was $135.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $72.5K$82.5K
+13.8%
2 $122.5K$127K
+3.7%
3 $185K$220.7K
+19.3%
4 $210K$245K
+16.7%
5+ $240K$250K
+4.2%

Summary: Urbana housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13.8%, 2 bedroom homes increased by 3.7%, 3 bedroom homes increased by 19.3%, 4 bedroom homes increased by 16.7%, and 5+ bedroom homes increased by 4.2%.

Median Sold Price Compared To Nearby Cities

Cunningham Township
+19.4%
Urbana Township
+16.8%
Champaign
+16.3%
Urbana
+15.4%

Housing Supply in Urbana, IL

How many homes are available in Urbana, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
164176+7.3%

Summary: The Urbana real estate market had 176 homes for sale in May 2024, a 7.3% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 21
-50.0%
2 2938
+31.0%
3 8786
-1.1%
4 3036
+20.0%
5+ 1615
-6.3%

Summary: The Urbana housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 31%, 3 bedroom homes decreased by 1.1%, 4 bedroom homes increased by 20%, and 5+ bedroom homes decreased by 6.3%.

Number of Homes Sold

Apr 2024May 2024CHANGE
5250-3.8%

Asking Price vs. Sold Price

19 Homes Were Sold
Under Asking

13 Homes Were Sold
At Asking

18 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Urbana, you may be able to get a good deal. 38% of homes here sold below asking price last month.

Summary: A total of 50 homes were sold or pending in Urbana in May 2024, down by 3.8% month-over-month. Of the 50 sold homes, 38% were sold under asking, 26% were sold at asking, and 36% were sold over asking.

Days on Market for Urbana, IL

How long does it take to sell a home in Urbana, IL?

Average Sale Time

May 2023May 2024CHANGE
33 Days40 Days+21.1%

Summary: Homes in Urbana had an average of 40 days on market in May 2024, up by 21.1% compared to last year.

Breakdown of Home Sale Times

36 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

7 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Urbana are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 50 homes were sold in Urbana; 72% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 1 Day Ago

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