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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Champaign is a seller's market

Buyer's
Market

Difference Since November 2023

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

Key Takeaway

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

Housing Prices in Champaign, IL

How much do homes in Champaign, IL cost?

Median Sold Price

$234,722

$147/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$35,486(+17.8%)

Key Takeaway

Homes in Champaign have sold for 17.8% more than they did a year ago.

Summary: The median home sold price in Champaign was $234,722 in November 2024, up 17.8% from last year, and the median price per square foot was $147.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $113.7K$124.2K
+9.2%
2 $147.7K$165K
+11.7%
3 $195.1K$223.5K
+14.6%
4 $314.2K$331K
+5.3%
5+ $327K$401.4K
+22.8%

Summary: Champaign housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 9.2%, 2 bedroom homes increased by 11.7%, 3 bedroom homes increased by 14.6%, 4 bedroom homes increased by 5.3%, and 5+ bedroom homes increased by 22.8%.

Median Sold Price Compared To Nearby Cities

Champaign
+17.8%
Champaign City Township
+15.7%
Champaign Township
+10.0%
Savoy
-3.3%

Housing Supply in Champaign, IL

How many homes are available in Champaign, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
267221-17.2%

Summary: The Champaign real estate market had 221 homes for sale in November 2024, a 17.2% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 42
-50.0%
2 4536
-20.0%
3 122102
-16.4%
4 7559
-21.3%
5+ 2122
+4.8%

Summary: The Champaign housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes decreased by 20%, 3 bedroom homes decreased by 16.4%, 4 bedroom homes decreased by 21.3%, and 5+ bedroom homes increased by 4.8%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
8862-29.5%

Asking Price vs. Sold Price

30 Homes Were Sold
Under Asking

10 Homes Were Sold
At Asking

22 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Champaign, you may be able to get a good deal. 48.4% of homes here sold below asking price last month.

Summary: A total of 62 homes were sold or pending in Champaign in November 2024, down by 29.5% month-over-month. Of the 62 sold homes, 48% were sold under asking, 16% were sold at asking, and 35% were sold over asking.

Days on Market for Champaign, IL

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

Average Sale Time

Nov 2023Nov 2024CHANGE
31 Days25 Days-18.3%

Summary: Homes in Champaign had an average of 25 days on market in Nov 2024, down by 18.3% compared to last year.

Breakdown of Home Sale Times

44 Homes Were Sold
Under 30 Days

14 Homes Were Sold
In 30 - 90 Days

4 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During November 2024, 62 homes were sold in Champaign; 71% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 6% 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 20 Days Ago

Newest Listings in Champaign, IL

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