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 November 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

$125,671

$88/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$3,971(+3.3%)

Key Takeaway

Homes in Pekin have sold for 3.3% more than they did a year ago.

Summary: The median home sold price in Pekin was $125,671 in November 2024, up 3.3% from last year, and the median price per square foot was $88.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $57.4K$40K
-30.4%
2 $93.5K$95K
+1.5%
3 $124.9K$139.9K
+12.0%
4 $160K$155K
-3.1%
5+ $235K$219.1K
-6.8%

Summary: Pekin housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 30.4%, 2 bedroom homes increased by 1.5%, 3 bedroom homes increased by 12%, 4 bedroom homes decreased by 3.1%, and 5+ bedroom homes decreased by 6.8%.

Median Sold Price Compared To Nearby Cities

Cincinnati Township
+10.2%
North Pekin
+10.0%
Pekin Township
+7.3%
Pekin
+3.3%

Housing Supply in Pekin, IL

How many homes are available in Pekin, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
1191190.0%

Summary: The Pekin real estate market had 119 homes for sale in November 2024, the same as October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 32
-33.3%
2 3235
+9.4%
3 5556
+1.8%
4 2422
-8.3%
5+ 54
-20.0%

Summary: The Pekin housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 33.3%, 2 bedroom homes increased by 9.4%, 3 bedroom homes increased by 1.8%, 4 bedroom homes decreased by 8.3%, and 5+ bedroom homes decreased by 20%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
3437+8.8%

Asking Price vs. Sold Price

17 Homes Were Sold
Under Asking

12 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. 45.9% of homes here sold below asking price last month.

Summary: A total of 37 homes were sold or pending in Pekin in November 2024, up by 8.8% month-over-month. Of the 37 sold homes, 46% were sold under asking, 32% were sold at asking, and 22% 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

Nov 2023Nov 2024CHANGE
14 Days30 Days+118.8%

Summary: Homes in Pekin had an average of 30 days on market in Nov 2024, up by 118.8% compared to last year.

Breakdown of Home Sale Times

28 Homes Were Sold
Under 30 Days

6 Homes Were Sold
In 30 - 90 Days

3 Homes Were 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 November 2024, 37 homes were sold in Pekin; 76% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 8% 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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