Is Pekin Township, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Pekin Township is a seller's market

Buyer's
Market

Difference Since May 2023

Since last year, Pekin Township has remained a Seller's Market.

Key Takeaway

Pekin Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Pekin Township, IL

How much do homes in Pekin Township, IL cost?

Median Sold Price

$124,900

$87/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$24,900(+24.9%)

Key Takeaway

Homes in Pekin Township have sold for 24.9% more than they did a year ago.

Summary: The median home sold price in Pekin Township was $124,900 in May 2024, up 24.9% from last year, and the median price per square foot was $87.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $38.4K$36.5K
-5.1%
2 $87.4K$89.9K
+2.8%
3 $112K$127.5K
+13.8%
4 $142K$157K
+10.6%
5+ $120K$235K
+95.8%

Summary: Pekin Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 5.1%, 2 bedroom homes increased by 2.8%, 3 bedroom homes increased by 13.8%, 4 bedroom homes increased by 10.6%, and 5+ bedroom homes increased by 95.8%.

Median Sold Price Compared To Nearby Cities

Pekin Township
+24.9%
Marquette Heights
+11.3%
Pekin
+10.8%

Housing Supply in Pekin Township, IL

How many homes are available in Pekin Township, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
113104-8.0%

Summary: The Pekin Township real estate market had 104 homes for sale in May 2024, a 8.0% decrease compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 44
0.0%
2 3538
+8.6%
3 4439
-11.4%
4 2320
-13.0%
5+ 73
-57.1%

Summary: The Pekin Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 8.6%, 3 bedroom homes decreased by 11.4%, 4 bedroom homes decreased by 13%, and 5+ bedroom homes decreased by 57.1%.

Number of Homes Sold

Apr 2024May 2024CHANGE
4841-14.6%

Asking Price vs. Sold Price

16 Homes Were Sold
Under Asking

8 Homes Were Sold
At Asking

17 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Pekin Township, you could pay more than the asking price. 41.5% of homes here sold above asking price last month.

Summary: A total of 41 homes were sold or pending in Pekin Township in May 2024, down by 14.6% month-over-month. Of the 41 sold homes, 39% were sold under asking, 20% were sold at asking, and 41% were sold over asking.

Days on Market for Pekin Township, IL

How long does it take to sell a home in Pekin Township, IL?

Average Sale Time

May 2023May 2024CHANGE
16 Days18 Days+9.2%

Summary: Homes in Pekin Township had an average of 18 days on market in May 2024, up by 9.2% compared to last year.

Breakdown of Home Sale Times

34 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

4 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Pekin Township are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 41 homes were sold in Pekin Township; 83% of homes were sold within 30 days, 7% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 1 Day Ago

Newest Listings in Pekin Township, IL

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