Median home sale prices in southwest IL climb, up $60K from last year in this county
Amid talk of a “market correction,” high real estate prices don’t seem to be slowing in southwest Illinois.
The median sale price of St. Clair County homes has spiked from $176,300 in August 2021 to $236,000 this August, according to data from real estate company Redfin.
Madison and Washington counties have also seen a hike in median home sale prices over the same period. Madison’s median home sale price jumped from $153,000 to $180,000 over the last year. Washington’s increased by more than $90,000, from $145,000 to $237,500, according to Redfin.
St. Clair County’s peak median sale price in the past year was $241,500, recorded July 18, 2022. Washington County had by far the highest peak price of the three areas, at $306,934 Aug. 30, 2021. The highest median sale price in Madison County was $225,000 on May 30, 2022.
Here’s the median home sale price in St. Clair, Washington and Madison counties from August 2021 to August 2022, from Redfin:
Note: This interactive graph will automatically as new data become available.
Median home list prices in Belleville are up 15.5% from last year, according to Realtor.com. The site reported Belleville homes sold for 2.94% above list prices in July, and the market continues to favor sellers.
Homes in Belleville sell after an average of 42 days, Realtor.com reports, slightly quicker than July 2021’s average of 45 days on the market.
While median sale prices have increased and homes are selling faster than last summer, Redfin reports the number of homes sold in Belleville is down 33.3%, with 110 homes sold in July.
Along with the increase in sale prices, typical home values have risen 15.9% in Belleville over the last year, according to Zillow.
Median list prices have increased by 4.7% in O’Fallon, Ill., over the last year, according to Realtor.com. O’Fallon’s market is completely leaned toward sellers on Realtor.com’s scale, and homes are selling for about asking price in the city.
Edwardsville also has a seller’s market right now, but the scale is almost in Redfin’s balanced category. Median home list prices have soared in Edwardsville over the last year, with a 43.6% increase.
More information about real estate markets in southwest Illinois counties and cities can be found at Realtor.com.
