DECATUR, Ill. (WAND) — New data from Illinois REALTORS shows statewide home sales and prices were up in March, while total inventory saw a decline year-over-year.
Jason White, a real estate broker with Brinkoetter Realtors said the central Illinois market remains largely steady, differing slightly from statewide statistics.
"We kind of maintain our own market here. It stays pretty steady. For instance, right now, we have 126 active listings in Macon County versus 144 pending [sales]."
White said there are multiple indicators it is a 'seller's market' right now. Mortgage rates have dipped more than half-a-percent in the last year, which White said is leading more people to buy.
"I think people have realized they're probably not going to see that 2-3% again, so they're realizing that 6.5-7% is a good rate right now," he told WAND News.
Data shared with WAND News by Brinkoetter Realtors shows homes are sitting on the market for a longer average time. White said if the house is priced competitively, it won't be on the market for long.
"Where you see a house sit on the market typically longer is because a seller may have overpriced it instead of going with comparables and the local market," White said.
White advised prospective homebuyers to listen to their agent.
"We usually know which houses probably are going to go fast and we'll let you know if you need to make an aggressive offer on it to get it or not."
Brinkoetter statistics show the average home price in the area is down about $2,000 from this time one year ago.
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