January 2023 - East Peoria IL Real Estate Market Update
Market Update on New Listings in East Peoria
In East Peoria in 2022, there were 442 new listings. This is a significant decrease of about 18% from 2021, when there were 614 new listings. The highest number of new listings in East Peoria in recent years was in 2021, with the lowest number in 2022. The average number of new listings in East Peoria over the past 8 years was 565, still 12% higher than in 2022.
Sold Properties in East Peoria
There were 411 properties sold in East Peoria in 2022. This total is a decrease of 142, or about 16%, from 2021's 553 sold properties. In 2022, we saw the number of sold properties back near the average for the past 8 years, which is 419.
Average Sold Price in East Peoria
The average sold price for homes in East Peoria in 2022 was $145,812. This is an increase of about 3% from the average sold price in East Peoria in 2021, which was $141364. From 2015 to 2019, the average sold price in East Peoria remained nearly constant, with a slow but steady increase in the past 3 years.
East Peoria's Median Sales Price
In 2022, the median sales price for East Peoria homes was $133,604, about a 3% increase from 2021 when the median sales price was $129,464. If you look at the average median sales price from 2015 to 2020, which is $118,701, the past 2 years show significant growth. The 2022 median sales price in East Peoria is about 12% higher than that average.
Average Days on the Market for East Peoria Homes
The average days on the market for properties in East Peoria in 2022 was 21. Compared to the average DOM in 2021 of 30, this is a decrease of about 30%. The contrast is even more significant when you look at previous years. The average DOM from 2015 to 2020 was 65, over three times the average DOM in 2022 in East Peoria.
Median DOM for East Peoria Homes
In 2022, the median DOM for East Peoria homes was 7, half the median DOM for East Peoria homes in 2021. As you compare the median DOM in East Peoria last year to the previous 7 years, the data points make it clear that homes entered and exited the market at an unusually fast pace in 2022.
Average Number of Properties for Sale in East Peoria
In December of 2022, the average number of properties for sale in East Peoria was 33, about 30% lower than the same metric in December 2021. Just 3 years prior to December 2022, the average number of properties for sale in East Peoria in December 2018 was 148. This significant shift in supply and demand is one of many factors that has contributed to the market conditions we are seeing in East Peoria today.
Supply vs. Demand - East Peoria Absorption Rate
Real estate experts measure the balance of supply and demand in a real estate market by looking at how many months of inventory are present in the market. In other words, if no other properties were to be listed, how long would it take to run out of the properties currently on the market? If there is less than 3 months' supply of inventory, that is considered a seller's market. More than 6 months of inventory is considered a buyer's market, while anything in between is considered a balanced market.
In East Peoria in December 2022, there was 1 month of inventory. This means it is undeniably a seller's market. If you are a homeowner in East Peoria, now is an excellent time to sell. The market is situated in your favor. To learn more about what your home is worth, the market conditions in your area, or any other questions you have regarding East Peoria real estate, contact us any time.
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