Page 26 Fall Home & Garden | September 2024 Lincoln Daily News According to Ramsay Solutions’ data, fall is the season you may want to start looking into buying a home. According to a chart on their website, between October 2022 and October 2023, September was the month when the median price of a house started to fall, with summer having the highest prices. According to the same article, “winter is usually hibernation time for real estate.” If you find yourself considering a new home, maybe now is the time to start looking. Of course, a low price is very nice, but not the only thing to consider when purchasing a new home. Let’s take a look at the current housing market and see if now is the time. What is the current state of the housing market in the United States? What about in Illinois, or locally in Logan County? The website Redfin has some interesting data that helps people to get an understanding of the nationwide housing market. According to their data, since January of 2024, the average price of a home in the United States has hovered between $400,000 to $450,000, with the current median price being $438,837. The number of homes for sale has also risen fairly substantially during that time, going from about 1.38 million for sale in January to over 1.8 million in July. The percentage of homes for sale that drop their prices has also risen, with 15.3 percent of them dropping the price in January to 20.6 percent doing the same in July. Here’s Advice From Some Expert Sources Looking to Buy a House? The same types of data can be viewed on Redfin’s website for the state of Illinois and the city of Lincoln. This data shows that Illinois homes have a median price of $309,000, lower than the median price of the nation. The number of homes for sale has also jumped quite a bit from January to July. Also, the percentage of homes with decreases in their price has also jumped quite considerably, sitting at 21.3 percent in July, higher than the national median. These numbers, as we are all aware, can be skewed by data coming from Chicago, so let’s take a closer look at what Redfin has to say about Lincoln. In Lincoln, the median selling price of a house is $123,700. This, however, is a 31.6 percent increase from the median prices last year. Unfortunately, Redfin does not have data on the number of homes for sale or the Continue --
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