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 April 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

$126,355

$83/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$1,362(+1.1%)

Key Takeaway

Homes in Peoria have sold for 1.1% more than they did a year ago.

Summary: The median home sold price in Peoria was $126,355 in April 2024, up 1.1% from last year, and the median price per square foot was $83.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $48.5K$55K
+13.4%
2 $67.7K$69K
+1.9%
3 $120.8K$135K
+11.7%
4 $210.3K$220K
+4.6%
5+ $380K$381.2K
0.3%

Summary: Peoria housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13.4%, 2 bedroom homes increased by 1.9%, 3 bedroom homes increased by 11.7%, 4 bedroom homes increased by 4.6%, and 5+ bedroom homes increased by 0.3%.

Median Sold Price Compared To Nearby Cities

Peoria Heights
+9.6%
Peoria Heights
+9.2%
Richwoods Township
+9.1%
Peoria
+1.1%
Peoria City Township
-0.1%

Housing Supply in Peoria, IL

How many homes are available in Peoria, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
457464+1.5%

Summary: The Peoria real estate market had 464 homes for sale in April 2024, a 1.5% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 2016
-20.0%
2 113108
-4.4%
3 178192
+7.9%
4 10599
-5.7%
5+ 4149
+19.5%

Summary: The Peoria housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 20%, 2 bedroom homes decreased by 4.4%, 3 bedroom homes increased by 7.9%, 4 bedroom homes decreased by 5.7%, and 5+ bedroom homes increased by 19.5%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
144128-11.1%

Asking Price vs. Sold Price

64 Homes Were Sold
Under Asking

19 Homes Were Sold
At Asking

45 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. 50% of homes here sold below asking price last month.

Summary: A total of 128 homes were sold or pending in Peoria in April 2024, down by 11.1% month-over-month. Of the 128 sold homes, 50% were sold under asking, 15% were sold at asking, and 35% 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

Apr 2023Apr 2024CHANGE
26 Days25 Days-3.9%

Summary: Homes in Peoria had an average of 25 days on market in Apr 2024, down by 3.9% compared to last year.

Breakdown of Home Sale Times

99 Homes Were Sold
Under 30 Days

15 Homes Were Sold
In 30 - 90 Days

14 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 April 2024, 128 homes were sold in Peoria; 77% of homes were sold within 30 days, 12% of homes were sold within 30 to 90 days, and 11% 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 10 Days Ago

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