In Central Illinois, the real estate market is just starting to ramp up for its peak season. The Summer months are often the most attractive time to move, especially for families who are looking to settle in before the start of the new school year. This means that if you are a homeowner looking to “unlock new doors” this year, now could be the prime time to list your home for sale.
As we approach these exciting upcoming weeks in the real estate scene, let’s look at some of the trends and key factors that will be playing a role in the condition of our local real estate market!
- Slightly increased inventory. The central Illinois market has been short on inventory for quite a while now, creating a high-pressure market with minimal options for buyers. This dynamic is beginning to shift as more homes enter the market, creating a little more breathing room for buyers and ramping up the competition for sellers. If you are looking to sell your home this year, it is a good idea to list it now and beat the rush, allowing you to use the lower inventory to your advantage.
- Strong home pricing. This spring, we will continue to see strong pricing on homes. Although national home prices are leveling out, we can expect to see some moderate price growth in central Illinois markets, allowing sellers to act strategically in this spring market. Trends in local real estate continue to be favorable for sellers especially, although we are not expecting to see any dramatic changes in home prices or mortgage rates, so that allows buyers the freedom to feel less time pressure in unlocking the home of their dreams.
- Movement toward a more balanced market. The market in central Illinois has historically been imbalanced, with more demand than it can keep up with. Especially in suburban Illinois areas, the demand will only continue to increase as working from home is here to stay and we are seeing many families seek to leave the city centers for more suburban lifestyles. However, some areas are reporting a supply increase of up to 10% as of last month, and with home prices increasing slightly as well, we are seeing a more balanced market take shape with buyers provided a bit more leverage in negotiations.
- Homes are moving fast. One trend we are seeing this spring is homes being sold very quickly once entering the market. Some sources report a median of as few as 22-25 days from initial listing to contract! Depending on your immediate context, if your home is fairly priced, you can expect to receive an offer as quickly as one week within listing.
The Sue Neihouser team is ready and excited to jump into this Spring season and navigate these trends together, helping you and your family “unlock new doors” of your dreams! Whether you are looking to buy or sell a property in these upcoming months, it would be our pleasure to walk the path with you and offer our expertise in the ever-shifting world of real estate.
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