Champaign County Housing Market in 2017

The Illinois housing market is top-of-mind for those in real estate industry. While the situation has generally improved since the 2008 national housing market crash, they aren't as ideal as they were prebubble.

Dr. Geoffrey J.D. Hewings is the director of REAL and Professor Emeritus of Geography, of

Economics and of Urban and Regional Planning for the University of Illinois Department of Economics. When it comes to the Illinois housing market in its entirety, he believes that "Supply continues to be a problem, but prices of both regular and foreclosed properties increased and the forecasts suggest that these trends will continue into the first quarter of 2017." In addition, there are three key items to keep an eye on in 2017:

1. Low Interest Rates
2. Boosted Inflation
3. Lack of Home Availability

But how will Champaign, Illinois, Dr. Hewings' place of residence, be affected by these variables?

Jim Waller, President of Champaign County Association of REALTORS®, believes that his county's real estate market will be characterized by four primary facets in the coming year:

1. Higher Mortgage Rates
2. The Takeover of Millennial & Baby Boomers
3. Rising Consumer Confidence Boosting Home Sales
4. Lack of Home Inventory

So at a first glance, it appears that the lack of available homes is widespread throughout the state of Illinois, particularly in Champaign County. But as a counterbalance, home sales should be increasing which will meet the increasing demand from both the millennial and baby boomers age segments.

For additional information on how your county's housing market may be affected in 2017, please contact Cambridge Title Company via phone at 224-330-1886 or email at info@cambridgetitleco.com.