Champaign County’s housing market took an unexpected turn in June 2024, typically the busiest month for home sales. Only 233 homes were sold across the county—a sharp decline of 34% compared to June 2023, when 353 homes changed hands. Year-to-date sales also reflect a slowdown, down 10.1% from the first half of 2023, with 1,145 homes sold so far in 2024 compared to 1,274 during the same period last year.
Despite the dip in sales, local home values continue on an upward trajectory:
- Median sale price: $241,500 (up 5% from June 2023)
- Average sale price: $271,889 (up 8% from June 2023)
- Average days on market: 21 days
Inventory levels in Champaign County remain steady at around 600–625 properties, roughly unchanged from last year but down 31% from 2022. Pending sales—a leading indicator of future closings—also slipped by 8%, dropping to 204 this June from 223 a year ago.
Local agents attribute these trends largely to homeowners holding onto their properties to preserve favorable mortgage rates and enjoy home appreciation.
The average rate for a 30-year fixed mortgage stood at 6.77% for the week ending July 18, the lowest since March but still elevated by historical standards.
Zooming out, the national real estate market showed similar patterns last month. According to the National Association of REALTORS®:
- U.S. existing-home sales fell 2.7% from May to a seasonally adjusted annual rate of 3.93 million in June.
- The nationwide median sale price reached $435,300, an all-time high and up 2% year-over-year.
- Unsold inventory inched down 0.6% to 1.53 million units (4.7 months’ supply), though inventory has increased 15.9% compared to the previous June.
- Homes nationwide spent a median of 27 days on the market, slightly above June 2024’s 22 days.
The Midwest, which includes Illinois, saw a 4% decrease in sales month-over-month but a modest 2.2% annual gain. The region’s median price, at $337,600, was up 3.4% over last June. Nearly one-third of home sales nationally were to first-time buyers, while investors and cash buyers showed less activity compared to previous months.
