Is Pekin, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Pekin is a seller's market

Buyer's
Market

Difference Since October 2023

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

Key Takeaway

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

Housing Prices in Pekin, IL

How much do homes in Pekin, IL cost?

Median Sold Price

$125,000

$88/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$3,800(+3.1%)

Key Takeaway

Homes in Pekin have sold for 3.1% more than they did a year ago.

Summary: The median home sold price in Pekin was $125,000 in October 2024, up 3.1% from last year, and the median price per square foot was $88.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $57.4K$38.2K
-33.4%
2 $93.5K$95K
+1.6%
3 $124K$137.5K
+10.9%
4 $159K$155K
-2.5%
5+ $235K$210K
-10.6%

Summary: Pekin housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 33.4%, 2 bedroom homes increased by 1.6%, 3 bedroom homes increased by 10.9%, 4 bedroom homes decreased by 2.5%, and 5+ bedroom homes decreased by 10.6%.

Median Sold Price Compared To Nearby Cities

Cincinnati Township
+14.1%
Pekin Township
+5.9%
Pekin
+3.1%

Housing Supply in Pekin, IL

How many homes are available in Pekin, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
121124+2.5%

Summary: The Pekin real estate market had 124 homes for sale in October 2024, a 2.5% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 14
+300.0%
2 3541
+17.1%
3 5753
-7.0%
4 2422
-8.3%
5+ 44
0.0%

Summary: The Pekin housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 300%, 2 bedroom homes increased by 17.1%, 3 bedroom homes decreased by 7%, 4 bedroom homes decreased by 8.3%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
4635-23.9%

Asking Price vs. Sold Price

18 Homes Were Sold
Under Asking

9 Homes Were Sold
At Asking

8 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Pekin, you may be able to get a good deal. 51.4% of homes here sold below asking price last month.

Summary: A total of 35 homes were sold or pending in Pekin in October 2024, down by 23.9% month-over-month. Of the 35 sold homes, 51% were sold under asking, 26% were sold at asking, and 23% were sold over asking.

Days on Market for Pekin, IL

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

Average Sale Time

Oct 2023Oct 2024CHANGE
16 Days23 Days+42.9%

Summary: Homes in Pekin had an average of 23 days on market in Oct 2024, up by 42.9% compared to last year.

Breakdown of Home Sale Times

25 Homes Were Sold
Under 30 Days

9 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During October 2024, 35 homes were sold in Pekin; 71% of homes were sold within 30 days, 26% of homes were sold within 30 to 90 days, and 3% 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 20 Days Ago

Newest Listings in Pekin, IL

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