Champaign, IL Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Champaign, IL Housing Market Trends

With a population of 88,909, 34,636 total housing units (homes and apartments), and a median house value of $160,842, house prices in Champaign are solidly below the national average.

Single-family detached homes are the single most common housing type in Champaign, accounting for 46.63% of the city's housing units. Other types of housing that are prevalent in Champaign include large apartment complexes or high rise apartments ( 40.98%), duplexes, homes converted to apartments or other small apartment buildings ( 5.81%), and a few row houses and other attached homes ( 4.51%).

People in Champaign primarily live in small (one, two or no bedroom) single-family detached homes. Champaign has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in Champaign built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Champaign built between 1940-1969 ( 26.33%). A lesser amount of the housing stock also hails from between 2000 and later ( 25.11%). There's also some housing in Champaign built before 1939 ( 10.27%).

Vacant housing appears to be an issue in Champaign. Fully 11.47% of the housing stock is classified as vacant. Left unchecked, vacant Champaign homes and apartments can be a drag on the real estate market, holding Champaign real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Champaign Home Appreciation Rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Champaign, where house values have increased just 11.49%, which is annualized rate of 1.09%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

Over the last year, Champaign appreciation rates have trailed the rest of the nation. In the last twelve months, Champaign's appreciation rate has been 2.35%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Champaign were at 0.91%, which equates to an annual appreciation rate of 3.68%.

Notably, Champaign's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Illinois, our data show that Champaign's latest annual appreciation rate is lower than 70% of the other cities and towns in Illinois.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Champaign differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Champaign - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Champaign real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$160,842

Champaign, IL HOME PRICES

> $1,080,000
0.3%
0.3%
$810,001 - $1,080,000
0.4%
0.4%
$540,001 - $810,000
1.6%
1.6%
$432,001 - $540,000
2.1%
2.1%
$324,001 - $432,000
6.0%
6.0%
$216,001 - $324,000
19.6%
19.6%
$108,001 - $216,000
47.2%
47.2%
$54,001 - $108,000
18.6%
18.6%
$0 - $54,000
4.3%
4.3%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

Average for IL

Value Relative To Nation

Number Of Homes And Apartments:
34,636

Champaign Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
44.97% 1.76%
7
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,102 / per month

Homeownership Rate

Owners
38.7%
38.7%
Renters
61.3%
61.3%
Vacant
11.5%
11.5%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
25.1%
25.1%
1970 - 1999
38.3%
38.3%
1940 - 1969
26.3%
26.3%
1939 or Older
10.3%
10.3%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
46.6%
46.6%
Townhomes
4.5%
4.5%
Small Apt. Buildings
5.8%
5.8%
Apt. Complexes
41.0%
41.0%
Mobile Homes
2.1%
2.1%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
16.8%
16.8%
1 Bedroom
11.9%
11.9%
2 Bedrooms
23.6%
23.6%
3 Bedrooms
31.0%
31.0%
4 Bedrooms
12.6%
12.6%
5 or more bedrooms
4.2%
4.2%
0.0% 100.0%
% OF HOMES