Could you explain the difference between a townhouse, zerolot or duplex? The answer tends to depend on your location and experience and comes with a wide variety of responses. What we mean with either term is a home with at least one shared wall and most likely shared or adjacent lawn or yard space. In Champaign, zerolot properties are seeing a resurgence in popularity and demand.
We have a miniscule 2.5 month supply of zero-lot properties in Champaign at this time. This segment of the Champaign real estate market is clearly a “Seller’s Market” and looks to be positioned to stay that way for some time. Twenty two Zerolot homes are currently available for sale with 52 closed sales in the past 6 months. This is stronger than the vast majority of the Champaign market.
The obvious question is… why? I believe a big factor is the lack of new-build zerolots over the last 3-5 years. Builders either overlooked this segment of the market in the past few years or the buyer demand wasn’t strong enough to justify more inventory. Either way, the demand has definitely increased and the inventory is not there to satisfy it.
Almost a 3.5:1 ratio of active to pending sales is another strong indicator of continued interest from home buyers. The jump in average sale price in the pending sales compared to the active and closed homes really stands out. This is due to two high-end zerolot properties in Liberty on the Lake subdivision in Champaign.
Priced at $486,500 and $440,345, these two homes are stand-outs. Previously, the highest priced sale of a zerolot home in Champaign was in Robeson Meadows West at $439,000. High-end townhouses (zerolots) in Champaign are not uncommon though, especially in Liberty on the Lake. There have been 9 zero-lot homes sales over $300,000 in this neighborhood.
Questions on your property? We’ve been very busy in this segment of the market. If you have a question on pricing or a neighborhood there’s a great chance we can answer it for you immediately. We are here to help!
Interested in the value of your zerolot property or the sale price of your neighbor’s home but not ready to have a conversation? Check out ChampaignValues.com for a quick and free summary of home sales in your neighborhood.