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 November 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

$139,720

$88/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$12,146(+9.5%)

Key Takeaway

Homes in Peoria have sold for 9.5% more than they did a year ago.

Summary: The median home sold price in Peoria was $139,720 in November 2024, up 9.5% from last year, and the median price per square foot was $88.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $55K$51.4K
-6.5%
2 $74.4K$71.8K
-3.5%
3 $127.2K$147.3K
+15.8%
4 $213.7K$235K
+9.9%
5+ $400K$382.5K
-4.4%

Summary: Peoria housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 6.5%, 2 bedroom homes decreased by 3.5%, 3 bedroom homes increased by 15.8%, 4 bedroom homes increased by 9.9%, and 5+ bedroom homes decreased by 4.4%.

Median Sold Price Compared To Nearby Cities

Peoria City Township
+11.2%
Peoria
+9.5%
Richwoods Township
-4.6%
Peoria Heights
-5.0%
Peoria Heights
-6.2%

Housing Supply in Peoria, IL

How many homes are available in Peoria, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
544490-9.9%

Summary: The Peoria real estate market had 490 homes for sale in November 2024, a 9.9% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 2120
-4.8%
2 117106
-9.4%
3 233214
-8.2%
4 122108
-11.5%
5+ 5142
-17.6%

Summary: The Peoria housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 4.8%, 2 bedroom homes decreased by 9.4%, 3 bedroom homes decreased by 8.2%, 4 bedroom homes decreased by 11.5%, and 5+ bedroom homes decreased by 17.6%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
149138-7.4%

Asking Price vs. Sold Price

82 Homes Were Sold
Under Asking

20 Homes Were Sold
At Asking

36 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. 59.4% of homes here sold below asking price last month.

Summary: A total of 138 homes were sold or pending in Peoria in November 2024, down by 7.4% month-over-month. Of the 138 sold homes, 59% were sold under asking, 14% were sold at asking, and 26% 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

Nov 2023Nov 2024CHANGE
15 Days19 Days+26.4%

Summary: Homes in Peoria had an average of 19 days on market in Nov 2024, up by 26.4% compared to last year.

Breakdown of Home Sale Times

109 Homes Were Sold
Under 30 Days

24 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 November 2024, 138 homes were sold in Peoria; 79% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 4% 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 3 Days Ago

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