Savoy Real Estate Market Update — Fall 2026

Fewer Home Sales, More Inventory, and What the Latest Housing Data Means for Buyers and Sellers

Savoy’s housing market is showing some notable changes this fall.

Over the past 12 months, home sales declined 25%, while the number of homes available for sale in October increased more than 50% compared with the same month last year.

Homes also took longer to secure contracts, and sellers received a smaller percentage of their original asking prices.

But here’s something interesting: despite these changes, Savoy’s rolling 12-month median sale price remained relatively stable.

So, is Savoy’s housing market slowing down? Are buyers gaining more negotiating power? And what should homeowners considering a sale in 2027 make of these numbers?

Let’s take a closer look at the latest housing statistics and what they mean for buyers and sellers in Savoy, Illinois.

Home Sales in Savoy: A Significant Decline Over the Past Year

Let’s begin with sales activity.

During the 12 months ending October 2025, 120 homes sold in Savoy.

During the 12 months ending October 2026, that number declined to 90.

That’s a 25% decrease in annual home sales.

For context, this is a more substantial decline than what we observed in neighboring Urbana, where annual sales fell approximately 7.3%. Meanwhile, Champaign and Mahomet experienced slight increases in annual sales.

This is an important reminder that neighboring communities don’t necessarily experience identical housing market conditions.

Looking specifically at October, Savoy recorded eight closed sales in both 2025 and 2026.

That means October’s monthly sales total was unchanged year over year, even though the broader 12-month trend shows considerably fewer transactions.

This is one reason I prefer examining both monthly and rolling 12-month statistics.

In a smaller community like Savoy, a difference of just a few transactions can produce a dramatic percentage change in any given month.

Looking at an entire year provides a broader perspective.

What About Pending Sales?

Pending sales provide another indication of buyer activity.

During the 12 months ending October 2025, Savoy recorded 122 pending sales.

During the 12 months ending October 2026, that figure declined to 88.

That’s a decrease of approximately 27.9%.

However, October’s monthly pending sales increased from four in 2025 to seven in 2026.

While that’s an encouraging monthly comparison, seven pending transactions aren’t enough to establish a broader recovery in demand.

The longer-term decline in both closed and pending sales suggests that transaction activity has moderated over the past year.

Savoy Housing Inventory: Buyers Have More Homes to Choose From

One of the more notable changes in Savoy’s housing market is the increase in available inventory.

In October 2025, there were 13 homes for sale in Savoy.

By October 2026, that number had increased to 20.

That’s an increase of approximately 53.8%.

Now, 20 available homes certainly doesn’t represent an enormous selection in absolute terms.

But in a community the size of Savoy, the difference between 13 and 20 available properties is meaningful.

For buyers, additional inventory creates more opportunities to compare homes.

Instead of choosing between only a handful of properties, buyers may have more flexibility when considering location, floor plans, condition, amenities, and asking prices.

For sellers, however, increasing inventory means additional competition.

When fewer homes are available, buyers may have limited alternatives.

When inventory increases, buyers can be more selective.

And that makes it especially important for sellers to understand how their property compares with other homes currently available.

More Inventory Doesn’t Necessarily Mean More New Listings

Here’s another interesting detail.

During the 12 months ending October 2025, Savoy recorded 135 new listings.

During the 12 months ending October 2026, that number declined to 110.

That’s approximately 18.5% fewer new listings.

So while the number of homes available for sale increased, the number of properties entering the market over the past year actually decreased.

How can that happen?

Available inventory is influenced by both the number of homes entering the market and the rate at which properties leave the market.

When sales activity slows, homes can remain available longer, contributing to higher inventory even if fewer new listings are coming onto the market.

The combination of fewer annual sales, fewer new listings, and more available inventory is consistent with a market where properties are being absorbed more slowly.

Months of Supply: Is Savoy Becoming a Buyer’s Market?

Another useful statistic is months of housing supply.

This measures how long the current inventory would take to sell at the prevailing pace of sales, assuming no additional properties became available.

In October 2025, Savoy had 1.3 months of housing supply.

In October 2026, that increased to 2.7 months.

That’s more than double the supply reported a year earlier.

Why does this matter?

When months of supply is very low, buyers generally face greater competition because relatively few homes are available compared with the pace of sales.

As supply increases, buyers may gain more flexibility.

But does 2.7 months of supply mean Savoy is now a buyer’s market?

Not necessarily.

A market with fewer than three months of supply can still be relatively tight, depending on local conditions.

What matters here is the direction of the change.

Savoy has moved from a particularly limited supply of homes toward a market offering buyers more choices.

And while that doesn’t automatically make Savoy a buyer’s market, it does suggest that the competitive environment has changed.

It’s also worth remembering that market conditions can vary significantly by price range.

A buyer shopping for a home under $300,000 may encounter very different conditions than someone looking for a property priced above $500,000.

Communitywide statistics are a useful starting point, but they don’t replace an analysis of the specific market segment in which a buyer or seller is participating.

Savoy Home Prices: The Median Sale Price Remains Relatively Stable

Now let’s talk about home prices.

Despite the decline in annual sales and the increase in available inventory, Savoy’s rolling 12-month median sale price changed very little.

During the 12 months ending October 2025, the median sale price was $400,000.

During the 12 months ending October 2026, it increased to $403,500.

That’s an increase of approximately 0.9%.

This is an important distinction.

While sales activity has slowed, the broader median sale price hasn’t experienced a comparable decline.

However, that doesn’t necessarily mean every home in Savoy increased in value by 0.9%.

The median sale price represents the midpoint of properties sold during a particular period.

It can change based on the types, sizes, locations, and price ranges of homes that happen to sell.

For example, if a larger proportion of higher-priced homes sell during one period, the median can increase even if the value of an individual property hasn’t changed.

The reverse is also true.

And in a smaller market like Savoy, the mix of properties sold can have an especially noticeable influence on the median.

Why I Prefer Rolling 12-Month Price Data

Monthly median sale prices can fluctuate considerably when relatively few homes sell.

Savoy recorded only eight closed sales in October 2026.

With such a small sample, a few higher- or lower-priced transactions can significantly affect the monthly median.

That’s why I prefer using rolling 12-month figures when discussing broader price trends.

Even then, the median is only one piece of the puzzle.

If you’re considering selling your home in Savoy, I would place much greater emphasis on comparable properties within your particular neighborhood, price range, and market segment than on the communitywide median alone.

How Long Are Savoy Homes Taking to Go Under Contract?

Another indicator worth examining is the average time between a property being listed and going under contract.

In October 2025, the average was 32 days.

In October 2026, that increased to 93 days.

That’s a difference of 61 days.

At first glance, that may seem alarming.

But there’s some important context.

Savoy is a relatively small market, and monthly averages can be heavily influenced by a handful of properties.

If several homes that had been listed for an extended period finally secured contracts during October, they could push the monthly average considerably higher.

That’s why I wouldn’t interpret the 93-day figure as meaning every home in Savoy should now expect to spend three months on the market.

Instead, let’s examine the rolling 12-month figures.

During the 12 months ending October 2025, homes averaged 32 days from listing to contract.

During the 12 months ending October 2026, that increased to 42 days.

That’s an increase of 10 days.

While less dramatic than the monthly comparison, it still suggests homes have generally been taking longer to secure contracts over the past year.

What Does This Mean for Sellers?

The amount of time a home spends on the market can depend on several factors, including:

• Asking price relative to competing properties
• Condition and presentation
• Location and neighborhood
• Floor plan and property features
• Available inventory within the same price range
• Buyer demand at the time of listing

A well-prepared, competitively priced home may still attract interest quickly.

But sellers should be cautious about assuming that a property will sell within days simply because similar homes did so in a different market environment.

Are Savoy Sellers Receiving Their Original Asking Prices?

Another statistic I pay close attention to is the percentage of original list price received.

In October 2025, Savoy sellers received an average of 98.6% of their original asking prices.

In October 2026, that declined to 96.4%.

That’s a decrease of 2.2 percentage points.

The rolling 12-month figures show a similar direction.

During the 12 months ending October 2025, sellers received an average of 99.6% of their original asking prices.

During the 12 months ending October 2026, that figure declined to 97.0%.

This suggests that homes have been selling farther below their original asking prices than they were a year earlier.

But there’s an important distinction.

Original list price received is not the same as the discount a buyer negotiated from the asking price at the time of the offer.

For example, a property may initially be listed at $450,000, undergo a price reduction to $425,000, and ultimately sell for $425,000.

In that scenario, the seller received 100% of the final asking price but only approximately 94.4% of the original asking price.

The statistic captures the relationship between the original list price and the eventual sale price, including the effects of any intervening price adjustments.

For sellers, this reinforces the importance of establishing a thoughtful pricing strategy before entering the market.

What Does the Fall 2026 Market Mean for Savoy Homebuyers?

For buyers considering a home in Savoy, the increase in available inventory is encouraging.

Compared with last fall, there are more homes to consider, and the broader trend toward longer market times may create opportunities to evaluate properties without the same degree of urgency experienced in tighter markets.

However, that doesn’t mean every home is negotiable or that buyers should expect substantial discounts.

A desirable property that’s appropriately priced and well presented can still attract strong interest.

Buyers should pay attention to the specific market segment they’re shopping in.

Some questions worth considering include:

• How many comparable homes are currently available?
• How long have those properties been on the market?
• Have competing listings undergone price reductions?
• What have similar homes actually sold for?
• How does a particular property’s condition compare with its competition?

These questions provide much more useful information than relying on communitywide statistics alone.

And while changing market conditions may provide additional opportunities, buyers should still consider their financing, monthly payment, and long-term housing needs before making a purchase.

What Does the Fall 2026 Market Mean for Savoy Home Sellers?

For homeowners considering selling in Savoy, I think the most important takeaway is that pricing, preparation, and competitive positioning matter.

Savoy’s annual sales activity has declined, inventory has increased, and homes have generally been taking longer to secure contracts.

That means sellers may face more competition for a smaller pool of transactions.

But that doesn’t mean a home can’t sell successfully.

It means the strategy matters.

1. Study the Competition, Not Just Recent Sales

Comparable sales help establish a property’s market position.

But active listings reveal what buyers are comparing it against right now.

If several homes with similar features are available at comparable prices, buyers will naturally evaluate their options.

Understanding that competition is an essential part of determining an appropriate asking price.

2. Prepare the Property Before Listing

Buyers with more choices may be less willing to overlook condition issues or unfinished projects.

Addressing maintenance concerns, improving presentation, and making the property easy to evaluate can help distinguish a listing from its competition.

Not every improvement will provide an equal return, so I recommend evaluating potential projects before investing in them.

3. Price Based on Current Conditions

A home that sold quickly in 2024 or early 2025 may have entered a different competitive environment.

Historical sales remain useful, but they need to be considered alongside current inventory, recent buyer activity, and competing properties.

The goal isn’t simply to choose the highest possible asking price.

It’s to position the property where qualified buyers recognize its value.

4. Evaluate Market Response

Once a property is listed, showing activity, buyer feedback, competing listings, and offers can provide valuable information.

If a home isn’t generating meaningful interest, it’s worth examining whether the asking price and overall positioning are aligned with current conditions.

A pricing strategy should be informed by market evidence rather than assumptions about what buyers ought to pay.

Looking Ahead: Savoy’s Housing Market in 2027

As we approach 2027, there are several indicators I’ll be watching closely.

The first is inventory.

Will the number of available homes continue to increase, or will buyer activity begin absorbing more of the existing supply?

The second is pending sales.

Savoy experienced a substantial decline in pending transactions over the past 12 months. Whether that trend stabilizes or reverses will help us understand the direction of buyer activity.

I’ll also be watching average market times and the percentage of original asking price received.

Together, those indicators can help reveal whether sellers are facing continued pricing pressure or whether the market is beginning to stabilize.

Mortgage rates, affordability, and the availability of new construction may also influence local buying decisions.

But I would be cautious about making confident predictions based on any single statistic.

The housing market is influenced by many factors, and conditions can change.

What we can do is study the available evidence, identify trends, and adjust our strategies accordingly.

Explore More Fall 2026 Housing Market Updates

Housing market conditions can vary considerably between neighboring communities. While some Champaign County markets experienced increases in annual home sales, others saw declining sales activity and rising inventory.

I’ve published separate Fall 2026 housing market reports to help buyers, sellers, and homeowners better understand what’s happening locally.

Explore the complete series:

• Champaign County Real Estate Market Update — Fall 2026: A countywide look at home sales, median prices, inventory, and changing market conditions.
• Champaign Real Estate Market Update — Fall 2026: Explore rising median sale prices, relatively steady annual sales, and increased housing inventory.
• Urbana Real Estate Market Update — Fall 2026: See how declining sales and increasing inventory compare with relatively stable median sale prices.
• Mahomet Real Estate Market Update — Fall 2026: Learn why annual home sales increased even as buyers gained more available options.
• Savoy Real Estate Market Update — Fall 2026: Examine the decline in annual sales, increased inventory, and what these trends mean for buyers and sellers.

Each report uses local housing statistics to provide a more detailed picture of its respective market.

Thinking About Buying or Selling a Home in Savoy?

Whether you’re preparing to sell your home or considering a purchase, understanding current market conditions can help you make more informed decisions.

But communitywide statistics are only the starting point.

Every property competes within its own market segment, and the conditions affecting one neighborhood or price range may differ considerably from another.

I’m Jayme Ahlden, REALTOR® with Coldwell Banker Real Estate Group.

I study local housing data to help buyers and sellers understand not just what’s happening in the market, but what those trends mean for their individual circumstances.

If you’re considering buying or selling a home in Savoy or elsewhere in Champaign County, I’d be happy to help you evaluate your options.

---

Data Source and Methodology

Housing market statistics referenced in this article were sourced from InfoSparks and reflect real estate activity within Savoy, Illinois, city limits.

The data includes all property types and price ranges, including existing homes and new construction.

October 2026 statistics are compared with October 2025.

Where indicated, rolling 12-month figures represent activity during the 12 months ending in October of the respective year.

Monthly statistics reflect the individual month of October.

Because Savoy has a relatively small number of monthly transactions, individual sales can have a significant influence on monthly averages and medians. Rolling 12-month statistics are used where appropriate to provide broader context.

Median sale price changes should not be interpreted as direct measures of appreciation or depreciation for individual properties.

Statistics are historical and do not guarantee future market performance.

Related Reading

Why the American Dream Still Matters — 250 Years Later

About the Author:

Jayme Ahlden is a REALTOR® Broker with Coldwell Banker Real Estate Group, serving Mahomet, Champaign, Urbana, Savoy, and surrounding Central Illinois communities. Jayme focuses on education-first guidance and helping clients navigate complex real estate decisions with clarity and confidence.