The Champaign County housing market shows notable resilience as home sales and prices continue to rise, despite ongoing challenges with limited inventory. According to the Champaign County Association of REALTORS® (CCAR), February saw an 8% increase in home sales compared to January, with 142 homes sold. This figure also represents a 3% year-over-year increase.

The median home sale price in the county surged to $235,000 in February, marking a 20% jump from January and a 19% increase compared to the same period last year. While these figures reflect a nationwide trend of rising home prices reported by the National Association of REALTORS® (NAR), local prices remain below the Chicago Metro Area median of $344,000 and the statewide average of $283,000.

Inventory Constraints Persist

Despite a modest 5% increase in housing inventory since mid-February, the county’s supply remains constrained, with only 476 available units—26% fewer than this time last year. Statewide, housing supply has also declined slightly both month-over-month and year-over-year. Pending sales in the area are down 18% from last year, underscoring the challenges buyers face in securing homes amid limited options.

Mortgage Rates Stabilize

Stabilizing mortgage rates are providing some relief for prospective homeowners. As of mid-March, the 30-year fixed-rate mortgage dipped slightly to 6.65%. Purchase applications have risen by 5% year-over-year, according to FreddieMac data.