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 April 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

$210,500

$138/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$27,966(+15.3%)

Key Takeaway

Homes in Champaign have sold for 15.3% more than they did a year ago.

Summary: The median home sold price in Champaign was $210,500 in April 2024, up 15.3% from last year, and the median price per square foot was $138.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $81.2K$110.5K
+36.1%
2 $138.9K$155K
+11.6%
3 $180K$200.7K
+11.5%
4 $274K$329K
+20.1%
5+ $332K$339.9K
+2.4%

Summary: Champaign housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 36.1%, 2 bedroom homes increased by 11.6%, 3 bedroom homes increased by 11.5%, 4 bedroom homes increased by 20.1%, and 5+ bedroom homes increased by 2.4%.

Median Sold Price Compared To Nearby Cities

Champaign
+15.3%
Champaign City Township
+10.5%
Savoy
+9.3%
Champaign Township
-8.2%

Housing Supply in Champaign, IL

How many homes are available in Champaign, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
226232+2.7%

Summary: The Champaign real estate market had 232 homes for sale in April 2024, a 2.7% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 32
-33.3%
2 3433
-2.9%
3 111113
+1.8%
4 5764
+12.3%
5+ 2120
-4.8%

Summary: The Champaign housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 33.3%, 2 bedroom homes decreased by 2.9%, 3 bedroom homes increased by 1.8%, 4 bedroom homes increased by 12.3%, and 5+ bedroom homes decreased by 4.8%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
6864-5.9%

Asking Price vs. Sold Price

26 Homes Were Sold
Under Asking

12 Homes Were Sold
At Asking

26 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. 40.6% of homes here sold below asking price last month.

Summary: A total of 64 homes were sold or pending in Champaign in April 2024, down by 5.9% month-over-month. Of the 64 sold homes, 41% were sold under asking, 19% were sold at asking, and 41% 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

Apr 2023Apr 2024CHANGE
21 Days30 Days+43.0%

Summary: Homes in Champaign had an average of 30 days on market in Apr 2024, up by 43% compared to last year.

Breakdown of Home Sale Times

50 Homes Were Sold
Under 30 Days

9 Homes Were Sold
In 30 - 90 Days

5 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 April 2024, 64 homes were sold in Champaign; 78% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 8% 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 10 Days Ago

Newest Listings in Champaign, IL

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