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 October 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

$135,075

$87/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$6,033(+4.7%)

Key Takeaway

Homes in Peoria have sold for 4.7% more than they did a year ago.

Summary: The median home sold price in Peoria was $135,075 in October 2024, up 4.7% from last year, and the median price per square foot was $87.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $55K$52K
-5.5%
2 $73K$70.2K
-3.7%
3 $128.3K$145.2K
+13.2%
4 $214.9K$225K
+4.7%
5+ $398K$382.5K
-3.9%

Summary: Peoria housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 5.5%, 2 bedroom homes decreased by 3.7%, 3 bedroom homes increased by 13.2%, 4 bedroom homes increased by 4.7%, and 5+ bedroom homes decreased by 3.9%.

Median Sold Price Compared To Nearby Cities

Peoria City Township
+7.0%
Peoria
+4.7%
Richwoods Township
0.0%
Peoria Heights
0%
Peoria Heights
-2.5%

Housing Supply in Peoria, IL

How many homes are available in Peoria, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
5315330.4%

Summary: The Peoria real estate market had 533 homes for sale in October 2024, a 0.4% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 2021
+5.0%
2 123122
-0.8%
3 228228
0.0%
4 114115
+0.9%
5+ 4647
+2.2%

Summary: The Peoria housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 5%, 2 bedroom homes decreased by 0.8%, 3 bedroom homes remained the same, 4 bedroom homes increased by 0.9%, and 5+ bedroom homes increased by 2.2%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
149145-2.7%

Asking Price vs. Sold Price

83 Homes Were Sold
Under Asking

21 Homes Were Sold
At Asking

41 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. 57.2% of homes here sold below asking price last month.

Summary: A total of 145 homes were sold or pending in Peoria in October 2024, down by 2.7% month-over-month. Of the 145 sold homes, 57% were sold under asking, 14% were sold at asking, and 28% 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

Oct 2023Oct 2024CHANGE
27 Days17 Days-35.9%

Summary: Homes in Peoria had an average of 17 days on market in Oct 2024, down by 35.9% compared to last year.

Breakdown of Home Sale Times

118 Homes Were Sold
Under 30 Days

22 Homes Were Sold
In 30 - 90 Days

5 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 October 2024, 145 homes were sold in Peoria; 81% of homes were sold within 30 days, 15% 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 16 Days Ago

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