Champaign Co. housing market sees slower sales, rising inventory in February

CHAMPAIGN, Ill. (WAND) — The local housing market saw modest shifts in February, with fewer home sales, a dip in prices, and more homes available for buyers.

According to the Champaign County Association of REALTORS, 136 homes were sold in February, a 4.2% decrease compared to the same time last year. The median sales price also declined to $220,000, down 6.4% year-over-year.

At the same time, inventory increased, with 490 homes on the market, up from 432 in January. Homes are also taking slightly longer to sell, averaging 57 days on the market—five days longer than a year ago. Pending sales dropped 7.1%, totaling 130 units.

The latest data marks the second consecutive month without year-over-year growth in closed sales, following a long stretch of increases. Realtors say the changes could give buyers more flexibility heading into the spring market.

“For many consumers, cost is still the biggest question,” said Deana Gauze, president of CCAR and broker with Coldwell Banker Real Estate Group. “With mortgage rates trending lower than they were a year ago and more homes becoming available, this season may bring more opportunity for buyers to explore what’s possible.”

Despite the local dip, Champaign County remains more affordable than the national market, where the median home price is $398,000.

National trends show similar movement. The National Association of REALTORS reports housing affordability has improved for eight straight months as price growth slows. Meanwhile, Freddie Mac says the average 30-year fixed mortgage rate was 6.11% as of March 12, down from 6.65% a year ago.

Statewide, new assistance programs may also help buyers. The Illinois Housing Development Authority recently launched IHDAccess Home, offering up to $15,000 in down payment and closing cost assistance for first-time buyers.

As the spring home buying season approaches, experts say buyers and sellers should be prepared to navigate financing, timing, and negotiations, while working with real estate professionals to manage the process.