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 May 2023

At the same time last year, Savoy was a Neutral 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

$375,000

$177/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$25,000(+7.1%)

Key Takeaway

Homes in Savoy have sold for 7.1% more than they did a year ago.

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

# BEDSMay 2023May 2024CHANGE
1 --
N/A
2 $170K$207.5K
+22.1%
3 $325K$383.5K
+18.0%
4 $400K$391K
-2.3%
5+ $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
+32.2%
Champaign
+16.3%
Champaign City Township
+12.5%
Savoy
+7.1%
Champaign Township
-3.3%

Housing Supply in Savoy, IL

How many homes are available in Savoy, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
3142+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

# BEDSApr 2024May 2024CHANGE
1 00
0.0%
2 23
+50.0%
3 1120
+81.8%
4 1818
0.0%
5+ 01
+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 2024May 2024CHANGE
89+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

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Savoy, you may be able to get a good deal. 44.4% of homes here sold below asking price last month.

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 2023May 2024CHANGE
14 Days63 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

Breakdown of Home Sale Times

Key Takeaway

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

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.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 2 Days Ago

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