What's Happening?
In Logan County, Illinois, the median home price for listings in September was $156,200, a 2.4% decrease from the previous month's $160,000. Compared to September 2024, the median price decreased by 2.8%
from $160,700. The median home listed was 1,488 square feet, priced at $96 per square foot, which is a 4.1% increase from the previous year. Listings in Logan County had a median of 44 days on the market, shorter than the national median of 62 days. The number of new listings in September was 42, a 5% increase from 40 new listings in September 2024.
Why It's Important?
The decrease in median home prices in Logan County is indicative of broader trends in the Illinois housing market, where the median price was $316,500, slightly down from August. This information is vital for homebuyers and real estate investors as it highlights potential opportunities for purchasing property at lower prices. The increase in new listings suggests a more active market, which could lead to more options for buyers. Understanding these dynamics is essential for stakeholders to make informed decisions regarding property investments and sales strategies.
What's Next?
As the housing market in Logan County evolves, potential buyers and sellers may need to consider the implications of shorter market times and increased new listings. Real estate agents and investors might focus on strategies to capitalize on the active market. Additionally, monitoring changes in interest rates and economic conditions will be crucial for predicting future market movements.
