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 March 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

$205,111

$135/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$20,851(+11.3%)

Key Takeaway

Homes in Champaign have sold for 11.3% more than they did a year ago.

Summary: The median home sold price in Champaign was $205,111 in March 2024, up 11.3% from last year, and the median price per square foot was $135.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $82.5K$112.1K
+35.9%
2 $137.5K$155K
+12.7%
3 $180K$199.9K
+11.1%
4 $280K$321K
+14.6%
5+ $327.4K$337.5K
+3.1%

Summary: Champaign housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 35.9%, 2 bedroom homes increased by 12.7%, 3 bedroom homes increased by 11.1%, 4 bedroom homes increased by 14.6%, and 5+ bedroom homes increased by 3.1%.

Median Sold Price Compared To Nearby Cities

Hensley Township
+19.5%
Champaign
+11.3%
Champaign City Township
+8.8%
Savoy
+7.9%
Champaign Township
-17.5%

Housing Supply in Champaign, IL

How many homes are available in Champaign, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
205218+6.3%

Summary: The Champaign real estate market had 218 homes for sale in March 2024, a 6.3% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 33
0.0%
2 3434
0.0%
3 103105
+1.9%
4 4755
+17.0%
5+ 1821
+16.7%

Summary: The Champaign housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 1.9%, 4 bedroom homes increased by 17%, and 5+ bedroom homes increased by 16.7%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
5765+14.0%

Asking Price vs. Sold Price

28 Homes Were Sold
Under Asking

12 Homes Were Sold
At Asking

25 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. 43.1% of homes here sold below asking price last month.

Summary: A total of 65 homes were sold or pending in Champaign in March 2024, up by 14.0% month-over-month. Of the 65 sold homes, 43% were sold under asking, 18% were sold at asking, and 38% 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

Mar 2023Mar 2024CHANGE
37 Days35 Days-4.9%

Summary: Homes in Champaign had an average of 35 days on market in Mar 2024, down by 4.9% compared to last year.

Breakdown of Home Sale Times

40 Homes Were Sold
Under 30 Days

17 Homes Were Sold
In 30 - 90 Days

8 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 March 2024, 65 homes were sold in Champaign; 62% of homes were sold within 30 days, 26% of homes were sold within 30 to 90 days, and 12% 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 25 Days Ago

Newest Listings in Champaign, IL

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