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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Savoy is a seller's market

Buyer's
Market

Difference Since October 2023

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

Key Takeaway

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

Housing Prices in Savoy, IL

How much do homes in Savoy, IL cost?

Median Sold Price

$350,000

$171/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

-$11,000(-3.0%)

Key Takeaway

Homes in Savoy have sold for 3% less than they did a year ago.

Summary: The median home sold price in Savoy was $350,000 in October 2024, down 3% from last year, and the median price per square foot was $171.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 --
N/A
2 $185K$205K
+10.8%
3 $363K$337K
-7.2%
4 $402K$400K
-0.5%
5+ $450K$292K
-35.1%

Summary: Savoy housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 10.8%, 3 bedroom homes decreased by 7.2%, 4 bedroom homes decreased by 0.5%, and 5+ bedroom homes decreased by 35.1%.

Median Sold Price Compared To Nearby Cities

Tolono Township
+33.0%
Champaign
+17.3%
Champaign City Township
+15.5%
Champaign Township
+7.8%
Savoy
-3.0%

Housing Supply in Savoy, IL

How many homes are available in Savoy, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
3841+7.9%

Summary: The Savoy real estate market had 41 homes for sale in October 2024, a 7.9% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 74
-42.9%
3 1517
+13.3%
4 1519
+26.7%
5+ 11
0.0%

Summary: The Savoy housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 42.9%, 3 bedroom homes increased by 13.3%, 4 bedroom homes increased by 26.7%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
912+33.3%

Asking Price vs. Sold Price

8 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Savoy, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.

Summary: A total of 12 homes were sold or pending in Savoy in October 2024, up by 33.3% month-over-month. Of the 12 sold homes, 67% were sold under asking, 17% were sold at asking, and 17% were sold over asking.

Days on Market for Savoy, IL

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

Average Sale Time

Oct 2023Oct 2024CHANGE
27 Days22 Days-18.5%

Summary: Homes in Savoy had an average of 22 days on market in Oct 2024, down by 18.5% compared to last year.

Breakdown of Home Sale Times

9 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During October 2024, 12 homes were sold in Savoy; 75% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 0% 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 Savoy, IL

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