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Fall Housing Market Update for Champaign County!

by Rose Price

Fall is a great time to buy your dream home! Less competition from other home buyers, pleasant weather, and year end tax breaks are just some of the benefits of buying during the season. The strength of the housing market in Champaign County this September reflected strong buyer demand and confidence in our area's economy. The stats for the month show that home sales increased with this buyer demand and inventory of homes was able to keep up, reflecting a robust and healthy market.

 


Champaign County saw a 5.9% increase in the number of homes sold in September 2017 compared to September 2016, with 199 sold this year compared to 188. The communities of Champaign, Urbana, and Mahomet all saw more homes sold in September of this year, as compared to last year. While the month of September had a stronger showing throughout the county, the year-to-date number of homes sold is down 1.2% at 2,042 from the same period last year. Median home sale price for single family homes and condominiums is down 1.4% from $154,325 in September 2016 to $152,200 in September 2017. The average number of days on market for all home sales was at 62 days in September 2017, compared to 58 in September 2016.

 

 

Although these stats reflect benefits for buyers in particular, sellers should take advantage of the tight inventory of homes on the market and high buyer interest.

 

Now is the perfect time for Champaign County homebuyers, especially first time buyers, to take the plunge. Interest rates are below 4%, according to the Federal Home Loan Mortgage Corporation.

 

If you are interested in Buying or Selling your Champaign County home this fall, give Champaign Rose a call today or visit my website at http://www.champaignrose.com/.

 

 

Information from Champaign County Association of REALTORS®

 

The housing market for Champaign County saw strong gains during the month of October. According to the Champaign County Association of REALTORS®, total number of home sales, median home sale prices, and number of pending sales all saw an increase during the month as compared to the same month last year.

 

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It is anticipated that these trends in the market will continue, with the 2016 year expected to close out with a strong fourth quarter in Champaign County. Average days on the market are decreasing, meaning that homes for sale are moving quickly. Sellers can take advantage of this market trend as buyers are looking to move into their new home before the end of the year. This strong home sales market reflects overall economic trends in the area, including an expanding economy, strong job market, low interest rates, and many first time homebuyers.

 
 

These October numbers for Champaign County reflect the improving market nationwide. The National Association of REALTORS expects 2016 to finish out with the highest number of existing home sales since 2006. They predict that 2017 will continue to reflect growth in the number of home sales.

 

If you are interested in Buying or Selling in the Champaign/Urbana area, give Rose Price a call today or visit my website at http://www.champaignrose.com/.    

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