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Today I wanted to provide you with a real estate market update for the Central Illinois marketplace. We're going to run over some numbers and then tell you what they mean for you!
- There are 4.6% less single family homes available than in April of last year
- 35% of homes purchased this year were purchased with cash
- There is currently 4.8 months of inventory available
- The average sale price is just over $96,000, which is a slight increase over April of last year
- We've had 360 homes sell this year, which is up over last year
- The number of homes on the market has fallen, but the number of sales has risen
- Interest rates are still below 4%, which is incredibly low and will save you thousands of dollars over the lifetime of the loan
- If you bought a $100,000 home when rates were only 1% higher, you would be paying an extra $21,000 in interest over the lifetime of the loan
Hopefully this information has been helpful to you! If you need any assistance when you're buying or selling in Central Illinois, please don't hesitate to contact us!
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