Champaign County real estate inventory is averaging 5.3 months of supply. This represents a fairly balanced market between home buyers and sellers. 5 to 6 Months of supply is the standard for balance between a buyer’s or seller’s market. Five or less and the demand is strong enough to label it a Seller’s Market. Six or more months of supply and the Buyer’s have more influence in negotiations.
View a PDF of the Total Market Overview for October 2013
Our Total Market Overview report breaks down the local real estate market into pricing tiers and looks at the supply and demand of each. The following chart shows you the four pricing groups with the highest amount of demand (the strongest absorption rate).
Home’s priced below $49,999 are frequently purchased by investors and many of these reflect REO or distressed sales. We also see starter homes and general “fixer-uppers” in this category. The low price points make this a consistently strong category.
$150,000 to $174,999 reflects the ‘bread and butter’ of the local real estate market. With the average home sale price in Champaign County around $152,000 this segment consistently gets strong demand from Buyers. Neighborhoods with homes priced in this category vary and include locations like Southwood, Glenshire, Turnberry, Ashland Park and many others.
Home sellers and buyers are frequently surprised to see such strong demand for Champaign homes priced between $300,000 and $399,999. We’ve seen a significant reduction in new construction spec homes over the last few years and this slowly but surely had a positive impact on the sales numbers.
This chart is one of 3 or 4 criteria our real estate team uses when establishing the market value for a home. If you are thinking of buying or selling and are interested in home prices in the Champaign area drop us a note. We know the market and can help you get the best possible value.