Living in Urbana, IL
Urbana, Illinois, is a picturesque college town that offers a unique blend of educational opportunities and community spirit. Home to the prestigious University of Illinois, the city features vibrant cultural events, local dining, and beautiful parks. With a range of housing options and a welcoming atmosphere, Urbana is perfect for students, families, and professionals alike.
Current Market Conditions in Urbana, IL
The real estate market in Urbana has shown steady growth, fueled largely by the presence of the University of Illinois, which contributes to a consistently high demand for rental properties and homes. The current market conditions favor moderate price increases, making it a competitive environment for those looking to invest, especially in single-family homes and multi-unit residences.
In recent months, inventory levels have slightly increased, leading to more options for buyers, while still keeping prices resilient due to consistent demand. The rental market remains strong as students return, making it an appealing opportunity for investors.
Home Value Estimator For Urbana, IL
There are currently 12,115 real estate properties
in Urbana, IL,
with a median automated valuation model (AVM) price
of $196,015.00. What is an AVM? It is
a smart computer program that analyzes and predicts the approximate value of a home,
property or land in Urbana, IL, based on current market
trends, comparable real
estate sales nearby, historical data and, of course, property features, among other
variables. These automated home estimates are often very helpful, providing buyers
and
sellers with a better idea of a home’s value ahead of the negotiation process. For
example,
the average home price in Urbana, IL,
is $253,152.00, with the most expensive house
in Urbana, IL, topping out
at $22,225,964.00 and the cheapest home
in Urbana, IL,
clocking in at $10,315.00. In other words, there’s
something for every potential homebuyer
or savvy investor in Urbana, IL!
Rent Prices
In Urbana, IL
With the expiration of certain local, state and federal housing-related restrictions
and
mandated programs, the rental market in Urbana, IL, is on
a rollercoaster ride. The
average rent price in Urbana, IL,
is $1,387.00. Indeed, when looking to rent in
Urbana, IL, you can expect to pay as little
as $590.00 or as much
as $4,120.00,
with the average rent median estimated to
be $1,290.00. The good news is that finding
an affordable and desirable property to rent in Urbana, IL
-- whether it’s apartments,
townhomes, condominiums or single-family homes -- is made easier with knowledge of
the
local market and, of course, a little patience.
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