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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing South Peoria is a seller's market

Buyer's
Market

Difference Since November 2023

At the same time last year, South Peoria was a Buyer's Market.

Key Takeaway

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

Housing Prices in South Peoria, IL

How much do homes in South Peoria, IL cost?

Median Sold Price

$26,000

$29/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

-$5,250(-16.8%)

Key Takeaway

Homes in South Peoria have sold for 16.8% less than they did a year ago.

Summary: The median home sold price in South Peoria was $26,000 in November 2024, down 16.8% from last year, and the median price per square foot was $29.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $14.7K$15K
+1.7%
2 $27.2K$23.3K
-14.4%
3 $32.2K$34.5K
+7.0%
4 $62K$38K
-38.7%
5+ $24.7K$43K
+73.7%

Summary: South Peoria housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.7%, 2 bedroom homes decreased by 14.4%, 3 bedroom homes increased by 7%, 4 bedroom homes decreased by 38.7%, and 5+ bedroom homes increased by 73.7%.

Housing Supply in South Peoria, IL

How many homes are available in South Peoria, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
3935-10.3%

Summary: The South Peoria real estate market had 35 homes for sale in November 2024, a 10.3% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 32
-33.3%
2 710
+42.9%
3 2319
-17.4%
4 53
-40.0%
5+ 11
0.0%

Summary: The South Peoria 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 42.9%, 3 bedroom homes decreased by 17.4%, 4 bedroom homes decreased by 40%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
98-11.1%

Asking Price vs. Sold Price

6 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in South Peoria, you may be able to get a good deal. 75% of homes here sold below asking price last month.

Summary: A total of 8 homes were sold or pending in South Peoria in November 2024, down by 11.1% month-over-month. Of the 8 sold homes, 75% were sold under asking, 0% were sold at asking, and 25% were sold over asking.

Days on Market for South Peoria, IL

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

Average Sale Time

Nov 2023Nov 2024CHANGE
48 Days16 Days-65.3%

Summary: Homes in South Peoria had an average of 16 days on market in Nov 2024, down by 65.3% compared to last year.

Breakdown of Home Sale Times

6 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During November 2024, 8 homes were sold in South Peoria; 75% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 0% 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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