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 May 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

$129,381

$84/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$3,216(+2.5%)

Key Takeaway

Homes in Peoria have sold for 2.5% more than they did a year ago.

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

# BEDSMay 2023May 2024CHANGE
1 $50K$55K
+10.0%
2 $68.6K$73.1K
+6.6%
3 $121.6K$137.8K
+13.3%
4 $217.1K$220K
+1.3%
5+ $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
+5.3%
Peoria Heights
+4.6%
Richwoods Township
+4.5%
Peoria
+2.5%
Peoria City Township
+1.2%

Housing Supply in Peoria, IL

How many homes are available in Peoria, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
497525+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

# BEDSApr 2024May 2024CHANGE
1 1614
-12.5%
2 113116
+2.7%
3 210229
+9.0%
4 106110
+3.8%
5+ 5256
+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 2024May 2024CHANGE
135196+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

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Peoria, you may be able to get a good deal. 43.4% of homes here sold below asking price last month.

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 2023May 2024CHANGE
25 Days21 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

Breakdown of Home Sale Times

Key Takeaway

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

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.

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

Report Updated 1 Day Ago

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