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House prices in Adams County stay low, but so does supply

A home in Adams County that was recently bought within a few days.
A home in Adams County that was recently bought within a few days.(WGEM)
Published: Nov. 23, 2021 at 5:59 PM CST
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QUINCY (WGEM) - The median price of local homes in Adams County has not increased in the same way as it has in many parts of the nation, with the price actually going down by about $500 since October 2020.

However, Greg Zanger, a broker from from Zanger & Associates Inc., said good deals mean more demand, which means less supply. Hence, a housing shortage.

In his most recent experiences dealing with buyers in the Tri-States, he finds they are often kicking themselves when they lose out on an offer because they didn’t act quickly enough and suggests to buy a home sooner rather than later.

“There’s always going to be more competition for those homes in the spring as well, so if you can take advantage of the cold weather nobody likes to move in the cold and nasty weather. Maybe you can get a jump on the home that you may not be able to get in the spring,” Zanger said.

Rachel Gibbons put her house in the Sheridan neighborhood on the market last September, and it sold within 48 hours.

Gibbons went through a lot of changes in the last month. New baby, going back to work next week, and moving into a new home all happening at once.

“I ended up selling it for a lot more than what I bought it for,” Gibbons said. “And so like just that little three-year time frame, my house had increased the value exponentially and I did notice that houses around my area were higher than when I bought it the first time.”

Gibbons was hardly ready for a quick flip with a new baby on the way and still has a lot of unpacking to do from such an abrupt move, but she’s ultimately happy with her decision to sell and buy. Things were different three years ago, she said.

“Yeah, like the house I bought on Sheridan actually, it had been on the market I think three months before I found it and bought it,” she said. “And so it was not at a time where houses where flipping very quickly and so that was the first time I’d actually bought a house and then now selling and buying this one.”

Zanger said he’s never seen a fast-flipping housing market quite like this in his 19 years of being in the real estate business and that the houses that now sit on the market for that long pose red flags for buyers, often without reason.

“It used to be a whole house may sit on the market 30-40 days, you know, a couple of months, and have showings and, you know eventually that home closes within 90 days or 120 days,” Zanger said. “But that’s the attitude a lot of buyers have right now. It’s just not under contract within the first couple of days I start thinking, ‘Well, it’s overpriced. Is there something wrong with it?’ So and that’s just not the case at all. It’s just they’re used to it being so fast-paced.”

While there has been a slight increase in prices over the past few years, Zanger said Adams County remains one of the most stable markets to buy a home that he has seen, compared with the rest of the nation. Zanger also said the interest rates are still excellent so buyers can afford more housing for their money to keep the payments down.

According to an Illinois Realtors research tool, between October of last year and this year:

-The median sales price of a home went up from $232,500 to $245,000 in the state.

-In Adams County the median sales price actually went down from $143,000 to $142,500 over the same period.

EDITOR’S NOTE: A previous version of this story misidentified the real estate broker from Zanger & Associates Inc. His name is Greg Zanger.

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