Is Urbana, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Urbana has remained a Seller's Market.
Housing Prices in Urbana, IL
How much do homes in Urbana, IL cost?
Median Sold Price
$198,666
$135/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Urbana was $198,666 in May 2024, up 15.4% from last year, and the median price per square foot was $135.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $72.5K | $82.5K | +13.8% |
2 Bedrooms | $122.5K | $127K | +3.7% |
3 Bedrooms | $185K | $220.7K | +19.3% |
4 Bedrooms | $210K | $245K | +16.7% |
5+ Bedrooms | $240K | $250K | +4.2% |
Summary: Urbana housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13.8%, 2 bedroom homes increased by 3.7%, 3 bedroom homes increased by 19.3%, 4 bedroom homes increased by 16.7%, and 5+ bedroom homes increased by 4.2%.
Median Sold Price Compared To Nearby Cities
Cunningham Township | $170K | $203K | +19.4% |
Urbana Township | $169.9K | $198.5K | +16.8% |
Champaign | $184.9K | $215.1K | +16.3% |
Urbana | $172.1K | $198.6K | +15.4% |
Housing Supply in Urbana, IL
How many homes are available in Urbana, IL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
164 | 176 | +7.3% |
Summary: The Urbana real estate market had 176 homes for sale in May 2024, a 7.3% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 2 | 1 | -50.0% |
2 Bedrooms | 29 | 38 | +31.0% |
3 Bedrooms | 87 | 86 | -1.1% |
4 Bedrooms | 30 | 36 | +20.0% |
5+ Bedrooms | 16 | 15 | -6.3% |
Summary: The Urbana housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 31%, 3 bedroom homes decreased by 1.1%, 4 bedroom homes increased by 20%, and 5+ bedroom homes decreased by 6.3%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
52 | 50 | -3.8% |
Asking Price vs. Sold Price
19 Homes Were Sold
Under Asking
13 Homes Were Sold
At Asking
18 Homes Were Sold
Over Asking
Summary: A total of 50 homes were sold or pending in Urbana in May 2024, down by 3.8% month-over-month. Of the 50 sold homes, 38% were sold under asking, 26% were sold at asking, and 36% were sold over asking.
Days on Market for Urbana, IL
How long does it take to sell a home in Urbana, IL?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
33 Days | 40 Days | +21.1% |
Summary: Homes in Urbana had an average of 40 days on market in May 2024, up by 21.1% compared to last year.
Breakdown of Home Sale Times
36 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
7 Homes Were Sold
Over 90 Days
Summary: During May 2024, 50 homes were sold in Urbana; 72% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.