Central Illinois Real Estate Market Update

As a real estate agent serving our community, I believe it's essential to keep you informed about the ever-evolving dynamics of our local real estate market. Let's delve into the latest statistics and trends to better understand what's been happening in our area.

Sold Properties: In 2023, we witnessed a slight downturn in the number of homes sold, with 5,635 properties changing hands. This figure was lower compared to the previous years, including 2022, which saw 6,472 homes sold, and 2021, which saw an impressive 7,641 homes sold; even 2020 boasted a higher number of sales at 6,798. Notably, the average number of homes sold between 2010 and 2019 was 5190, with only 4,210 homes sold in 2011.

Properties Listed for Sale: In 2023, we experienced a significant decrease in the number of homes listed for sale, with only 6,323 properties hitting the market. 2023 marked the lowest number of homes listed between 2010 - 2023. The average number of homes listed for sale between 2010 and 2021 stood at 8,377. The year 2022 saw 7,376 listings; the highest number was recorded in 2018 at 9,022.

Average Number of Homes for Sale: Our market saw the lowest inventory on record, with an average of 599 homes for sale in 2023. There were an average of 808 homes for sale in 2022 and 1,080 in 2021. It's important to note that a balanced market typically has around 2,400 homes for sale. The market overwhelmingly favored sellers in the past few years and favored buyers from 2010 to 2020, with an average of 2,822 homes for sale.

Average Sale Price: The average sale price showed a notable increase, rising by 21% since 2019. In 2023, the average sale price reached $173,401, continuing the upward trend from previous years. The average sale price from 2010 to 2020 remained relatively stable, ranging from $136,207 to $145,536, with an average of $141,137. However, 2021 and 2022 witnessed higher average sale prices, with $152,941 and $162,822, respectively.

Average Days on the Market: The average days on the market for sold homes decreased to 27 days in 2023, indicating a trend towards quicker sales. 2023 was a slight improvement compared to 2022, with 29 days on the market, and 2021, with 42 days. Between 2010 and 2020, the average days on the market for sold homes was 85.

Months Supply of Inventory: The monthly supply of inventory hit a record low at 1.2 months in 2023, reflecting a strong seller’s market. 2023 was lower than the 1.4 months of inventory in 2022 and 1.8 months in 2021. A market with 1-3 months of inventory favors sellers, while 4-5 months is considered balanced, and six or more months favors buyers. 2010—2019 was considered a buyer’s market when the average months of inventory was 6.7. 

As we move forward, staying informed about these trends will be crucial for buyers and sellers navigating our dynamic real estate landscape. Please get in touch with me if you have any questions or are considering buying or selling a property. Together, we can make informed decisions to achieve your real estate goals.

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