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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing West Peoria is a seller's market

Buyer's
Market

Difference Since October 2023

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

Key Takeaway

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

Housing Prices in West Peoria, IL

How much do homes in West Peoria, IL cost?

Median Sold Price

$104,500

$79/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$7,500(+7.7%)

Key Takeaway

Homes in West Peoria have sold for 7.7% more than they did a year ago.

Summary: The median home sold price in West Peoria was $104,500 in October 2024, up 7.7% from last year, and the median price per square foot was $79.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 -$40K
N/A
2 $80K$81.4K
+1.8%
3 $109K$130K
+19.3%
4 $117K$105K
-10.3%
5+ $205.2K$96.2K
-53.1%

Summary: West Peoria housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 1.8%, 3 bedroom homes increased by 19.3%, 4 bedroom homes decreased by 10.3%, and 5+ bedroom homes decreased by 53.1%.

Median Sold Price Compared To Nearby Cities

Limestone Township
+14.9%
West Peoria
+7.7%
West Peoria Township
+7.7%
Peoria City Township
+7.0%
Peoria
+4.7%

Housing Supply in West Peoria, IL

How many homes are available in West Peoria, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
28280.0%

Summary: The West Peoria real estate market had 28 homes for sale in October 2024, the same as September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 89
+12.5%
3 1412
-14.3%
4 67
+16.7%
5+ 00
0.0%

Summary: The West Peoria housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 12.5%, 3 bedroom homes decreased by 14.3%, 4 bedroom homes increased by 16.7%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
67+16.7%

Asking Price vs. Sold Price

4 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in West Peoria, you may be able to get a good deal. 57.1% of homes here sold below asking price last month.

Summary: A total of 7 homes were sold or pending in West Peoria in October 2024, up by 16.7% month-over-month. Of the 7 sold homes, 57% were sold under asking, 14% were sold at asking, and 29% were sold over asking.

Days on Market for West Peoria, IL

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

Average Sale Time

Oct 2023Oct 2024CHANGE
21 Days11 Days-48.2%

Summary: Homes in West Peoria had an average of 11 days on market in Oct 2024, down by 48.2% compared to last year.

Breakdown of Home Sale Times

6 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During October 2024, 7 homes were sold in West Peoria; 86% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 0% 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 6 Days Ago

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