Apr. 26—CHAMPAIGN — With a smaller inventory and higher prices, residential real-estate continues to be a seller's market, according to local Realtors.

The Champaign County Realtors Association reports that the average home-sale price for March was $242,445, which is 17 percent higher than the same month last year. The median sale price was $192,500, a 10 percent increase year over year.

In February, the average price was $235,324, and the median price was $197,500.

"With shrinking inventory levels, this spring is poised to be another competitive market with strong competition on behalf of buyers for properties," said association President Jim Waller.

According to the group, the inventory of homes for sale, as of April 21, was 635, compared with 649 the month before. The figure marks a 23 percent decrease from 825 properties in April 2022.

Additionally, Champaign County home sales totaled 448 for the first three months of the year, which is down 4.5 percent from the same time last year. Home sales for March totaled 176, a 16 percent dip from last year but up from 138 sales in February.

The average rate on a 30-year fixed-rate mortgage was 6.82 percent in March, according to the Federal Home Loan Mortgage Corporation. This is up from 6.78 percent in February and 6.54 percent in March 2023, the Realtors association said. The rate for the week ending April 11 averaged 6.88 percent.

Illinois Realtors report that statewide home sales in March were down 12 percent from the same time last year. The inventory of homes for sale was down 14 percent year over year, with the figure hitting its lowest point since 2008.

The statewide median price was $282,000, which is a 9.5 percent increase over last year.

At the national level, existing-home sales decreased 3.7 percent year over year, according to the National Association of Realtors.

The median existing-home sale price was $393,500, which is a 4.8 percent increase from March 2023. The national group reported that this marks the "ninth consecutive month of year-over-year price gains and the highest price ever for the month of March."

The inventory of unsold existing homes grew 4.7 percent from the previous month and 14 percent over last year, with a 3.2-month supply as of the end of March.