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 Иллинойс state average of 2.3 months and the national level of 2.9 months.
Inventory tightens as absorption outpaces new listings
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. The price per square foot tells a similar story, with Decatur at $89.5 compared to $168.1 statewide and $213.1 nationally.
The 17.8% year-over-year price increase from $129,450 reflects growing demand in this affordable market. Even with this appreciation, Decatur offers significant value compared to broader markets.
What to watch
Monitor the 35-day median days on market metric, which matches last year’s pace despite higher prices. Track the gap between weekly absorption (24 homes) and new listings (15 homes), as this 9-home deficit could further tighten inventory. Watch whether the 40.7% price reduction rate moderates as sellers adjust to market conditions.
Use the 1.6 months of supply figure to gauge market tightness compared to the 2.3-month state average. Leverage the $89.5 price per square foot benchmark when evaluating property values. Share these metrics with clients seeking affordable markets where homes still move quickly despite price appreciation.
HousingWire used HW Data to source this story. To see what’s happening in your own local market, generate a housing market report. For enterprise clients looking to license the same market data at a larger scale, visit HW Data.
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