Champaign County Home Sales Rise Amidst Nationwide Economic Optimism
The Champaign County area has recorded a 12 percent increase in home sales in April 2024, with a total of 218 units sold, compared to 195 units in the same month last year. This trend has nudged the year-to-date sales slightly by 0.1 percent over last year, according to the latest data from Midwest Real Estate Data.
The median home sale price for April stood at $223,500, showing a substantial 18 percent increase from $190,000 in April 2023. Similarly, the average sale price also surged to $249,200, up by 13 percent from the previous year. The robust seller’s market is evident as nearly all homes (99.1%) are selling at their original list price.
Jim Waller, president of the Champaign County Association of REALTORS®, said,. “We continue to see strong buyer demand, with multiple offers on many properties within days of listing.”
He noted that some homeowners are leveraging their increased equity to relocate or upgrade, driven by desires to be closer to family or to enhance their living amenities.
However, the housing inventory as of May 15, 2024, has slightly increased to 714 properties from 635 last month, despite a 13.7 percent decline in new listings compared to April 2023.
Mortgage rates have also played a significant role in shaping the local real estate landscape.
The average rate on a 30-year fixed-rate mortgage stood at 7.02 percent for the week ending May 16, according to Freddie Mac, reflecting an increase from 6.34 percent last year. Dr. Jessica Lautz, Chief Economist & VP of Research at the National Association of REALTORS® (NAR), commented, “While mortgage rates have eased for the second consecutive week and remain below the historical average of 7.74%, rates above 7% continue to challenge first-time buyers and affect overall affordability.”
Looking ahead, Dr. Lawrence Yun, NAR Chief Economist, expressed optimism at the NAR Legislative Meetings in Washington, D.C. He predicts a continued recovery in home sales, projecting nationwide sales to reach 4.5 million in 2024 and 5 million in 2025, with further increases expected over the next decade.
