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Champaign County Housing Market Sees Rising Sales and Prices Amid Inventory Challenges

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.

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