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 March 2023

Since last year, Savoy has remained a Seller's 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

$369,950

$174/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$26,950(+7.9%)

Key Takeaway

Homes in Savoy have sold for 7.9% more than they did a year ago.

Summary: The median home sold price in Savoy was $369,950 in March 2024, up 7.9% from last year, and the median price per square foot was $174.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 --
N/A
2 $152.5K$188.7K
+23.8%
3 $315K$380K
+20.6%
4 $400K$376K
-6.0%
5+ $413.9K$450K
+8.7%

Summary: Savoy housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 23.8%, 3 bedroom homes increased by 20.6%, 4 bedroom homes decreased by 6%, and 5+ bedroom homes increased by 8.7%.

Median Sold Price Compared To Nearby Cities

Tolono Township
+30.9%
Champaign
+11.3%
Champaign City Township
+8.8%
Savoy
+7.9%
Champaign Township
-17.5%

Housing Supply in Savoy, IL

How many homes are available in Savoy, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
2728+3.7%

Summary: The Savoy real estate market had 28 homes for sale in March 2024, a 3.7% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 00
0.0%
2 24
+100.0%
3 1211
-8.3%
4 1313
0.0%
5+ 00
0.0%

Summary: The Savoy 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 increased by 100%, 3 bedroom homes decreased by 8.3%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
76-14.3%

Asking Price vs. Sold Price

4 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

1 Home Was 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. 66.7% of homes here sold below asking price last month.

Summary: A total of 6 homes were sold or pending in Savoy in March 2024, down by 14.3% month-over-month. Of the 6 sold homes, 67% were sold under asking, 17% were sold at asking, and 17% 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

Mar 2023Mar 2024CHANGE
40 Days27 Days-30.4%

Summary: Homes in Savoy had an average of 27 days on market in Mar 2024, down by 30.4% compared to last year.

Breakdown of Home Sale Times

5 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

1 Home Was 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 March 2024, 6 homes were sold in Savoy; 83% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 17% 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 23 Days Ago

Newest Listings in Savoy, IL

Nearby Markets to Savoy, IL

What housing markets are near Savoy, IL?