Is Urbana, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Urbana is a seller's market

Buyer's
Market

Difference Since September 2023

Since last year, Urbana has remained a Seller's Market.

Key Takeaway

Urbana is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Urbana, IL

How much do homes in Urbana, IL cost?

Median Sold Price

$194,435

$138/sqft

Based on all homes sold in the last 12 months.

Difference Since September 2023

+$5,685(+3.0%)

Key Takeaway

Homes in Urbana have sold for 3% more than they did a year ago.

Summary: The median home sold price in Urbana was $194,435 in September 2024, up 3% from last year, and the median price per square foot was $138.

Median Sold Price By Bedroom Count

# BEDSSep 2023Sep 2024CHANGE
1 $77K$86.5K
+12.3%
2 $129K$128K
-0.8%
3 $200K$224.4K
+12.2%
4 $240K$238.7K
-0.5%
5+ $250K$251K
0.4%

Summary: Urbana housing prices by bedroom type for September 2024 compared to the previous year: The home price of 1 bedroom homes increased by 12.3%, 2 bedroom homes decreased by 0.8%, 3 bedroom homes increased by 12.2%, 4 bedroom homes decreased by 0.5%, and 5+ bedroom homes increased by 0.4%.

Median Sold Price Compared To Nearby Cities

Champaign
+18.0%
Cunningham Township
+6.1%
Urbana
+3.0%
Urbana Township
+2.6%

Housing Supply in Urbana, IL

How many homes are available in Urbana, IL?

Number of Homes For Sale

Aug 2024Sep 2024CHANGE
151152+0.7%

Summary: The Urbana real estate market had 152 homes for sale in September 2024, a 0.7% increase compared to August 2024.

Homes For Sale By Bedroom Count

# BEDSAug 2024Sep 2024CHANGE
1 00
0.0%
2 2628
+7.7%
3 8077
-3.8%
4 3535
0.0%
5+ 1012
+20.0%

Summary: The Urbana housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 7.7%, 3 bedroom homes decreased by 3.8%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 20%.

Number of Homes Sold

Aug 2024Sep 2024CHANGE
3932-17.9%

Asking Price vs. Sold Price

16 Homes Were Sold
Under Asking

10 Homes Were Sold
At Asking

6 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Urbana, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 32 homes were sold or pending in Urbana in September 2024, down by 17.9% month-over-month. Of the 32 sold homes, 50% were sold under asking, 31% were sold at asking, and 19% 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

Sep 2023Sep 2024CHANGE
14 Days22 Days+50.5%

Summary: Homes in Urbana had an average of 22 days on market in Sep 2024, up by 50.5% compared to last year.

Breakdown of Home Sale Times

22 Homes Were Sold
Under 30 Days

9 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During September 2024, 32 homes were sold in Urbana; 69% of homes were sold within 30 days, 28% of homes were sold within 30 to 90 days, and 3% 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 5 Days Ago

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