REAL ESTATE MARKET REPORT FOR 2024
Record low supply of homes for sale in area
Rotarian Tyler Schmitt gave an analysis of the real estate market in Fayette County and three neighboring counties at the December 3rd Rotary meeting. The median sale price for a home sold in Vandalia 2023-2024 showed a 15.74% increase and there are far fewer homes for sale in Fayette, Bond and Montgomery Counties than in the previous 10 years. Even the Edwardsville/ Glen Carbon area home sales were the lowest in 10 years. Tyler gave the following predictions for real estate in Fayette County in 2025:
- Sales volume will increase.
- Median sales prices will continue to increase.
- There still remains a very high demand for the first-time home buyer priced homes between $70- $100k that are move-in ready and can qualify for FHA and USD(Rural Development) loans.
- Interest rates will dip into the high/mid 5’s at some point in 2025. Tyler summarized his report on home sales saying “ low supply and they go quickly if it gets up for sale.!”
