Is Savoy, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Savoy was a Neutral Market.
Housing Prices in Savoy, IL
How much do homes in Savoy, IL cost?
Median Sold Price
$375,000
$177/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Savoy was $375,000 in May 2024, up 7.1% from last year, and the median price per square foot was $177.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | - | N/A |
2 Bedrooms | $170K | $207.5K | +22.1% |
3 Bedrooms | $325K | $383.5K | +18.0% |
4 Bedrooms | $400K | $391K | -2.3% |
5+ Bedrooms | $350K | $527.5K | +50.7% |
Summary: Savoy housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 22.1%, 3 bedroom homes increased by 18%, 4 bedroom homes decreased by 2.3%, and 5+ bedroom homes increased by 50.7%.
Median Sold Price Compared To Nearby Cities
Tolono Township | $287.5K | $380K | +32.2% |
Champaign | $184.9K | $215.1K | +16.3% |
Champaign City Township | $182.5K | $205.2K | +12.5% |
Savoy | $350K | $375K | +7.1% |
Champaign Township | $229.5K | $222K | -3.3% |
Housing Supply in Savoy, IL
How many homes are available in Savoy, IL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
31 | 42 | +35.5% |
Summary: The Savoy real estate market had 42 homes for sale in May 2024, a 35.5% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 2 | 3 | +50.0% |
3 Bedrooms | 11 | 20 | +81.8% |
4 Bedrooms | 18 | 18 | 0.0% |
5+ Bedrooms | 0 | 1 | +100.0% |
Summary: The Savoy housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 50%, 3 bedroom homes increased by 81.8%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
8 | 9 | +12.5% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Summary: A total of 9 homes were sold or pending in Savoy in May 2024, up by 12.5% month-over-month. Of the 9 sold homes, 44% were sold under asking, 22% were sold at asking, and 33% 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
May 2023 | May 2024 | CHANGE |
---|---|---|
14 Days | 63 Days | +324.8% |
Summary: Homes in Savoy had an average of 63 days on market in May 2024, up by 324.8% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During May 2024, 9 homes were sold in Savoy; 44% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 22% of homes were sold over 90 days.