Is Peoria, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 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
$129,381
$84/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Peoria was $129,381 in May 2024, up 2.5% from last year, and the median price per square foot was $84.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $50K | $55K | +10.0% |
2 Bedrooms | $68.6K | $73.1K | +6.6% |
3 Bedrooms | $121.6K | $137.8K | +13.3% |
4 Bedrooms | $217.1K | $220K | +1.3% |
5+ Bedrooms | $380K | $379.5K | -0.1% |
Summary: Peoria housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10%, 2 bedroom homes increased by 6.6%, 3 bedroom homes increased by 13.3%, 4 bedroom homes increased by 1.3%, and 5+ bedroom homes decreased by 0.1%.
Median Sold Price Compared To Nearby Cities
Peoria Heights | $109.9K | $115.7K | +5.3% |
Peoria Heights | $109.9K | $115K | +4.6% |
Richwoods Township | $110K | $115K | +4.5% |
Peoria | $126.1K | $129.3K | +2.5% |
Peoria City Township | $108.6K | $109.9K | +1.2% |
Housing Supply in Peoria, IL
How many homes are available in Peoria, IL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
497 | 525 | +5.6% |
Summary: The Peoria real estate market had 525 homes for sale in May 2024, a 5.6% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 16 | 14 | -12.5% |
2 Bedrooms | 113 | 116 | +2.7% |
3 Bedrooms | 210 | 229 | +9.0% |
4 Bedrooms | 106 | 110 | +3.8% |
5+ Bedrooms | 52 | 56 | +7.7% |
Summary: The Peoria housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 12.5%, 2 bedroom homes increased by 2.7%, 3 bedroom homes increased by 9%, 4 bedroom homes increased by 3.8%, and 5+ bedroom homes increased by 7.7%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
135 | 196 | +45.2% |
Asking Price vs. Sold Price
85 Homes Were Sold
Under Asking
35 Homes Were Sold
At Asking
76 Homes Were Sold
Over Asking
Summary: A total of 196 homes were sold or pending in Peoria in May 2024, up by 45.2% month-over-month. Of the 196 sold homes, 43% were sold under asking, 18% were sold at asking, and 39% 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
May 2023 | May 2024 | CHANGE |
---|---|---|
25 Days | 21 Days | -14.6% |
Summary: Homes in Peoria had an average of 21 days on market in May 2024, down by 14.6% compared to last year.
Breakdown of Home Sale Times
155 Homes Were Sold
Under 30 Days
29 Homes Were Sold
In 30 - 90 Days
12 Homes Were Sold
Over 90 Days
Summary: During May 2024, 196 homes were sold in Peoria; 79% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.