Is Peoria, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Peoria is a seller's market

Buyer's
Market

Difference Since February 2023

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

Key Takeaway

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

Housing Prices in Peoria, IL

How much do homes in Peoria, IL cost?

Median Sold Price

$125,753

$82/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$707(+0.6%)

Key Takeaway

Homes in Peoria have sold for 0.6% more than they did a year ago.

Summary: The median home sold price in Peoria was $125,753 in February 2024, up 0.6% from last year, and the median price per square foot was $82.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $50K$55.5K
+11.0%
2 $69.6K$65K
-6.7%
3 $119.9K$134.9K
+12.5%
4 $216.4K$214.9K
-0.7%
5+ $385K$383K
-0.5%

Summary: Peoria housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 11%, 2 bedroom homes decreased by 6.7%, 3 bedroom homes increased by 12.5%, 4 bedroom homes decreased by 0.7%, and 5+ bedroom homes decreased by 0.5%.

Median Sold Price Compared To Nearby Cities

Peoria Heights
+31.5%
Peoria Heights
+29.1%
Richwoods Township
+24.1%
Peoria
+0.6%
Peoria City Township
-3.5%

Housing Supply in Peoria, IL

How many homes are available in Peoria, IL?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
444488+9.9%

Summary: The Peoria real estate market had 488 homes for sale in February 2024, a 9.9% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 1626
+62.5%
2 142160
+12.7%
3 163168
+3.1%
4 8695
+10.5%
5+ 3739
+5.4%

Summary: The Peoria housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 62.5%, 2 bedroom homes increased by 12.7%, 3 bedroom homes increased by 3.1%, 4 bedroom homes increased by 10.5%, and 5+ bedroom homes increased by 5.4%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
98165+68.4%

Asking Price vs. Sold Price

50 Homes Were Sold
Under Asking

86 Homes Were Sold
At Asking

29 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Peoria, expect to pay close to the asking price. 52.1% of homes here sold near the asking price last month.

Summary: A total of 165 homes were sold or pending in Peoria in February 2024, up by 68.4% month-over-month. Of the 165 sold homes, 30% were sold under asking, 52% were sold at asking, and 18% were sold over asking.

Days on Market for Peoria, IL

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

Average Sale Time

Feb 2023Feb 2024CHANGE
36 Days18 Days-50.0%

Summary: Homes in Peoria had an average of 18 days on market in Feb 2024, down by 50% compared to last year.

Breakdown of Home Sale Times

133 Homes Were Sold
Under 30 Days

21 Homes Were Sold
In 30 - 90 Days

11 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During February 2024, 165 homes were sold in Peoria; 81% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 7% 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 27 Days Ago

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