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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Northwest Peoria is a seller's market

Buyer's
Market

Difference Since November 2023

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

Key Takeaway

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

Housing Prices in Northwest Peoria, IL

How much do homes in Northwest Peoria, IL cost?

Median Sold Price

$220,000

$105/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$10,000(+4.8%)

Key Takeaway

Homes in Northwest Peoria have sold for 4.8% more than they did a year ago.

Summary: The median home sold price in Northwest Peoria was $220,000 in November 2024, up 4.8% from last year, and the median price per square foot was $105.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $55K$64.5K
+17.3%
2 $110K$126K
+14.5%
3 $180K$206.3K
+14.6%
4 $233.7K$299.9K
+28.3%
5+ $430K$415K
-3.5%

Summary: Northwest Peoria housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 17.3%, 2 bedroom homes increased by 14.5%, 3 bedroom homes increased by 14.6%, 4 bedroom homes increased by 28.3%, and 5+ bedroom homes decreased by 3.5%.

Housing Supply in Northwest Peoria, IL

How many homes are available in Northwest Peoria, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
6856-17.6%

Summary: The Northwest Peoria real estate market had 56 homes for sale in November 2024, a 17.6% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 65
-16.7%
2 1213
+8.3%
3 1915
-21.1%
4 2117
-19.0%
5+ 106
-40.0%

Summary: The Northwest Peoria housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 16.7%, 2 bedroom homes increased by 8.3%, 3 bedroom homes decreased by 21.1%, 4 bedroom homes decreased by 19%, and 5+ bedroom homes decreased by 40%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
2318-21.7%

Asking Price vs. Sold Price

7 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

6 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Northwest Peoria, you may be able to get a good deal. 38.9% of homes here sold below asking price last month.

Summary: A total of 18 homes were sold or pending in Northwest Peoria in November 2024, down by 21.7% month-over-month. Of the 18 sold homes, 39% were sold under asking, 28% were sold at asking, and 33% were sold over asking.

Days on Market for Northwest Peoria, IL

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

Average Sale Time

Nov 2023Nov 2024CHANGE
17 Days24 Days+43.6%

Summary: Homes in Northwest Peoria had an average of 24 days on market in Nov 2024, up by 43.6% compared to last year.

Breakdown of Home Sale Times

10 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During November 2024, 18 homes were sold in Northwest Peoria; 56% of homes were sold within 30 days, 39% 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 21 Days Ago

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