Is Peoria, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since February 2023
Since last year, Peoria has remained a Seller's Market.
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
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
# BEDS# BEDROOMS | Feb 2023 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $50K | $55.5K | +11.0% |
2 Bedrooms | $69.6K | $65K | -6.7% |
3 Bedrooms | $119.9K | $134.9K | +12.5% |
4 Bedrooms | $216.4K | $214.9K | -0.7% |
5+ Bedrooms | $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 | $93.1K | $122.5K | +31.5% |
Peoria Heights | $94.9K | $122.5K | +29.1% |
Richwoods Township | $97.7K | $121.2K | +24.1% |
Peoria | $125K | $125.7K | +0.6% |
Peoria City Township | $107.7K | $104K | -3.5% |
Housing Supply in Peoria, IL
How many homes are available in Peoria, IL?
Number of Homes For Sale
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
444 | 488 | +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
# BEDS# BEDROOMS | Jan 2024 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 16 | 26 | +62.5% |
2 Bedrooms | 142 | 160 | +12.7% |
3 Bedrooms | 163 | 168 | +3.1% |
4 Bedrooms | 86 | 95 | +10.5% |
5+ Bedrooms | 37 | 39 | +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 2024 | Feb 2024 | CHANGE |
---|---|---|
98 | 165 | +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
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 2023 | Feb 2024 | CHANGE |
---|---|---|
36 Days | 18 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
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.