This afternoon there were 277 Ranch or 1-Story homes actively for sale in Champaign out of a total of 552 listings. (that’s around 50.1% of all listings for those keeping score). County wide there were 914 Ranch homes representing 54.9% of all MLS listings. (The difference in city to county might be attributed to more 1-Story properties in rural areas of the county than in town.)
We can use these numbers to look at the supply and demand for 1-Story homes in Champaign. In the last 6 months there have been 277 ranch home sales in Champaign out of 552 total, representing 49.6% of the overall market. Countywide, 914 of 1664 home sales were single-story homes for 54.9%.
This is showing a very balanced mix of what’s available to what buyers are actually purchasing. Good news for home sellers in Champaign!
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The average sales price of single-story homes in Champaign has lowered to $139,393 from $149,732 and the list to sale ratio is almost 1% lower at 95.6%. This means a home listed at $100,000 would sell for $95,600, on average. This is down from our highs in 2004-2006 but definitely not a ridiculously low number.
In general, our market has held its value in most segments with lower priced homes being easier and more common to sell. Interest rates are at record lows and prices are attractive. A great combination for home buyers. If you are thinking about a purchase get moving. This won’t last forever!