ILLINOIS — Buying a home in Central Illinois isn’t getting any easier — and recent numbers suggest it may get worse before it gets better.
The region is battling low inventory and high prices, leaving both first-time buyers and seasoned homeowners scrambling for limited listings. Cities like Springfield, Decatur, and Champaign are seeing the sharpest effects.
“We just don’t have enough homes to sell,” said Dominic Campo, a local realtor. “No matter the buyer — there’s just too little supply.”
According to NewsChannel 20, Springfield had only 195 homes on the market as of May 2025, compared to 218 in 2021 and 790 in 2019 — a staggering drop.
Sellers Stay Put As Rates Rise
Campo says one reason is simple: homeowners don’t want to give up their low 3% mortgage rates only to take on new ones at 7% or higher.
“If we get back to 5.5%, that’s usually the magic number where sellers start listing again,” Campo explained.
Until then, demand far exceeds supply, and buyers often face multiple-offer bidding wars, pushing prices even higher.
Mayor: ‘Demand Is Strong, But Supply Is Tight’
Springfield Mayor Misty Buscher said the post-COVID housing crunch is still lingering.
“We have a lot of demand for housing,” Buscher said. “But with fewer homes available, it’s a tough market.”
That demand is triggering frustration — and leading many buyers to expand their searches well beyond traditional city limits.
Prices Spike Across Region
The Federal Reserve Bank of St. Louis reports Springfield’s median listing price per square foot climbed from $79 in May 2021 to $111 in May 2025.
Similar upward trends are hitting Decatur, Champaign, and Bloomington, where tight supply continues to drive up home values.
Are you trying to buy or sell a home in Central Illinois right now?
What are you seeing in your local housing market?
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