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 October 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

$232,666

$146/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$34,297(+17.3%)

Key Takeaway

Homes in Champaign have sold for 17.3% more than they did a year ago.

Summary: The median home sold price in Champaign was $232,666 in October 2024, up 17.3% from last year, and the median price per square foot was $146.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $107.7K$118.4K
+9.9%
2 $147.5K$165K
+11.9%
3 $193.3K$224.4K
+16.1%
4 $314.3K$333.2K
+6.0%
5+ $329K$399.9K
+21.6%

Summary: Champaign housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 9.9%, 2 bedroom homes increased by 11.9%, 3 bedroom homes increased by 16.1%, 4 bedroom homes increased by 6%, and 5+ bedroom homes increased by 21.6%.

Median Sold Price Compared To Nearby Cities

Hensley Township
+69.2%
Champaign
+17.3%
Champaign City Township
+15.5%
Champaign Township
+7.8%
Savoy
-3.0%

Housing Supply in Champaign, IL

How many homes are available in Champaign, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
256249-2.7%

Summary: The Champaign real estate market had 249 homes for sale in October 2024, a 2.7% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 54
-20.0%
2 4341
-4.7%
3 106110
+3.8%
4 7773
-5.2%
5+ 2521
-16.0%

Summary: The Champaign housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 20%, 2 bedroom homes decreased by 4.7%, 3 bedroom homes increased by 3.8%, 4 bedroom homes decreased by 5.2%, and 5+ bedroom homes decreased by 16%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
6978+13.0%

Asking Price vs. Sold Price

34 Homes Were Sold
Under Asking

22 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. 43.6% of homes here sold below asking price last month.

Summary: A total of 78 homes were sold or pending in Champaign in October 2024, up by 13.0% month-over-month. Of the 78 sold homes, 44% were sold under asking, 28% were sold at asking, and 28% 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

Oct 2023Oct 2024CHANGE
16 Days25 Days+55.9%

Summary: Homes in Champaign had an average of 25 days on market in Oct 2024, up by 55.9% compared to last year.

Breakdown of Home Sale Times

57 Homes Were Sold
Under 30 Days

14 Homes Were Sold
In 30 - 90 Days

7 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 October 2024, 78 homes were sold in Champaign; 73% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 9% 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

Nearby Markets to Champaign, IL

What housing markets are near Champaign, IL?