What's Happening?
In McDonough County, Illinois, the median home price for September 2025 was reported at $97,200, marking a 12.2% decrease from the previous month's $110,750. This decline is even more pronounced when compared
to September 2024, where the median price was $123,700, reflecting a 21.4% year-over-year drop. The data, sourced from Realtor.com, highlights that the median home in the county was 1,558 square feet, priced at $74 per square foot, which is a 5.5% increase in price per square foot from the previous year. Homes in the area were listed for a median of 84 days, longer than the national median of 62 days. Additionally, the number of new listings in September was 26, an 18.8% decrease from the 32 new listings in September 2024.
Why It's Important?
The significant drop in median home prices in McDonough County could have various implications for the local real estate market and economy. Lower home prices may attract more buyers, potentially increasing demand and reducing the time homes spend on the market. However, the extended listing period suggests a slower market, which could impact sellers looking to capitalize on their investments. The decrease in new listings might indicate a hesitancy among homeowners to sell in a declining market, potentially leading to a tighter housing supply. This trend could affect local real estate agents, construction companies, and related industries, influencing economic activity in the region.
What's Next?
If the trend of declining home prices continues, it may prompt potential buyers to enter the market, seeking to take advantage of lower prices. Conversely, sellers might delay listing their properties in hopes of a market rebound. Real estate professionals and local policymakers may need to monitor these trends closely to address potential challenges in the housing market. Additionally, economic factors such as interest rates and employment levels will likely play a crucial role in shaping future market dynamics.
