Decatur, IL

There are many factors influencing real estate trends, and the Decatur, IL metropolitan statistical area is no different. The following is a brief overview of some of the most important trends affecting the housing market in Decatur:

1) The millennials are coming: This demographic group is now the largest in the US, and they're starting to enter their 30s, which is when many people traditionally buy their first homes. They're also more likely to rent than previous generations, so this could have an impact on demand for rental properties.

2) Economic growth: The economy has been steadily improving since the Great Recession, and this has led to more people having the financial stability to buy a home. Additionally, low interest rates make buying a home more affordable than it has been in years.

3) Changing preferences: There has been a shift in preference away from suburban areas and towards urban areas in recent years. This is especially true for millennials, who often prefer to live in walkable neighborhoods with easy access to nightlife and other amenities. Decatur's central location makes it an attractive option for these buyers.

4) Limited supply: The number of homes available for sale has been declining steadily for several years, due to a combination of factors including baby boomers aging into retirement and holding onto their homes longer, as well as builders not keeping up with population growth. This limited supply is driving up prices and making it difficult for buyers to find affordable homes.