I hope this housing market review finds you and yours enjoying a healthy start to the New Year!
The year 2021 proved to be a resilient year across the board in real estate, while many other industries focused on rebuilding amidst challenges imposed by the pandemic. After an initial surge in the real estate market in 2020, the year 2021 paved the way to new heights. We navigated the housing market through the second year of the pandemic while adjusting to inclining home prices, creeping mortgage rates, and the expiration of foreclosure and eviction moratoriums.
The local real estate market echoed the national market headlines. In fact, the Macon County real estate market followed a good year with a great year. Record low inventory levels continued and lead to appreciation rates across all the area’s top communities, including Decatur, Forsyth, and Mt. Zion. The beautiful thing is that Macon County still offers very affordable homeownership, especially compared to many other parts of the state and country.
According to the Central Illinois Board of Realtors, the 2021 residential housing market in Macon County had the following highlights:
• Increase of average home sale price to $134,782, an 8% appreciation rate from 2020.
• An even tighter margin of home selling price to home listing price at 97.4% sale to list price ratio.
• A decrease of market exposure time to 37 Days on Market, compared to 63 days in 2020.
• The Forsyth community saw a 17.4% appreciation rate, while Mt. Zion had a 10.1% appreciation rate.
The 2021 real estate market has experienced a record year and 2022 is likely to follow in similar footsteps. The only concern that may cause a speed bump is further increases in mortgage rates and access to down-payment assistance for new buyers. Macon County housing market data, graphs, and supportive market data information are attached.
The year 2021 has also brought positive business growth here at Main Place Real Estate. Our team closed a record number of transactions – totaling 323 closings at more than $35 Million in volume – a new company record. Our team of dedicated brokers has continued to outsell the average real estate broker, which propelled our firm to one of the top 3 real estate brokerages in Decatur.
The real joy of exceeding our company goals was being able to assist so many local families to reach their personal real estate goals. The American dream of owning a home has never rung truer! The increase in our sales has allowed our company to grow, resulting in added support staff, and even more experienced brokers. None of this could have been achieved without the support from folks like you, our friends, our clients, and our community! Also, an added thanks to our local lenders, inspectors, title companies, contractors, and other real estate partners we work with daily. Thank you!
The Main Place Team and I look forward to another exciting year. Please continue to keep us top of mind for any real estate needs you might have. We are always delighted to serve you and greatly appreciate your business. From our families to yours — we wish you a safe, healthy, and prosperous new year!