January 2023 - Pekin IL Real Estate Market Update
Market Update on New Listings in Pekin
There were 802 new listings in Pekin in 2022. This number is lower than the average for the past 7 years, which is 901. The number of new listings in Pekin in 2022 was 11% lower than the average from the previous 7 years.
Sold Properties in Pekin
In Pekin in 2022, there were 710 properties sold. This is a 10% decrease from 2021, but is much higher than the average number of properties sold in Pekin in recent years. From 2015 to 2019, the average number of sold properties in Pekin was 593, which is 17% lower than the number of properties sold in Pekin in 2022.
Average Sold Price in Pekin
In 2022, the average sold price for real estate in Pekin was $123,997, up from $115,059 in 2021. The average sold price in Pekin has risen about 17% since 2017, when it was $104,018. This increase in average sold price has been driven by seller's market conditions in Pekin in recent years.
Pekin's Median Sales Price
The median sales price in Pekin was $107,716. This is the first time we have seen the median sales price in Pekin over $100,000. When we compare this to the average median sales price in Pekin over the past 7 years of $93,101, the median sales price in 2022 was 14% higher.
Average Days on the Market for Pekin
There was a 30% decrease in the average days on the market in Pekin from 2021 to 2021, from 34 to 24. This decrease in time on the market is even more dramatic when compared to the average DOM in 2018, which was 83. Properties on the market in Pekin in 2022 were sold at record speed, another clear reflection of the strong seller's market last year.
Median DOM for Pekin Homes
The median days on the market for Pekin homes in 2022 was 8, nearly half the median DOM in Pekin 2021. From 2015 to 2016, the average median days on the market was 47, which is about 83% higher than the median DOM in 2022.
Average Number of Properties for Sale in Pekin
In December 2022, the average number of properties for sale in Pekin was 73, equal to the average number of properties for sale in Pekin in December 2021. The year ended with a dramatically lower number of properties on the market when compared to December each month in the previous 6 years, all of which were in the triple digits. The average from 2015 to 2019 for average number of properties for sale in Pekin in December was 219, 66% higher than December of 2022.
Supply vs. Demand - Pekin Absorption Rate
As we consider all of the data above, as well as the months of inventory in Pekin, one thing is obvious: this is a seller's market. There was just 1.2 months' worth of inventory in Pekin in December 2022, meaning the properties on the market in Pekin would all be sold within 1.2 months if nothing else entered the market.
This puts sellers in a strong position to expect strong offers to roll in quickly. With some of the highest sales prices we have ever seen in Pekin and a limited inventory of homes available, sellers are experiencing ideal conditions.