"The Decatur, IL housing market is moving at twice the national pace, with homes selling in just 35 days compared to the 77-day national median, even as median list prices climbed 17.8% year over year to $152,450. The Decatur metro absorbed 24 homes last week, up 33% from 18 homes during the same period last year. Despite the price surge, Decatur remains one of the most affordable markets in the nation at $89.5 per square foot, nearly 60% below the national average of $213.1."
"The market's strong seller conditions persist with just 1.6 months of supply, well below both the Illinois state average of 2.3 months and the national level of 2.9 months. Active inventory in Decatur stands at 162 homes, up from 140 a year ago. However, the market absorbed 24 properties last week while only 15 new listings entered the market, creating a supply-demand imbalance. The absorption rate represents a 33% increase from last year's 18 homes per week."
"The competitive environment shows in pricing dynamics, with 40.7% of active listings taking price cuts while less than 1% increased prices. Additionally, 4.3% of current listings have been relisted after previously leaving the market. Pricing remains well below state and national levels At $152,450, Decatur's median list price sits at less than half the Illinois state median of $309,900 and roughly one-third of the national median of $435,000."
Decatur's housing market sells homes in a median 35 days, twice the national pace of 77 days, while median list prices rose 17.8% year over year to $152,450. The metro absorbed 24 homes last week, a 33% increase from 18 during the same week last year, while only 15 new listings entered the market. Active inventory stands at 162 homes, up from 140 a year ago, but months of supply is just 1.6, well below Illinois (2.3) and national (2.9) levels. Pricing is highly affordable at $89.5 per square foot, and 40.7% of listings have taken price cuts.
Read at www.housingwire.com
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