January 2023 - Peoria IL Real Estate Market Update
Peoria market update includes residential single-family homes only.
Market Update on New Listings in Peoria
The number of homes listed for sale in Peoria in 2022 is the lowest in recent years, totaling 2291. This is significantly fewer than the 2727 homes listed for sale in 2021, and even fewer than the 2567 homes listed for sale year-to-date in 2020.
Sold Properties in Peoria
In 2022, a total of 2075 homes were sold. This is a decrease from the 2457 homes sold in 2021 and the 2058 homes sold in 2020. Furthermore, when compared to the average number of homes sold per year between 2015 and 2020, which was 1701, the number of homes sold in 2022 is 19% higher.
Average Sold Price in Peoria
The average sales price of homes in Peoria in 2022 has reached its highest level in 7 years, at $140,226. This is an increase from the previous years' averages, with $130,529 in 2021 and $128,946 in 2020. It's also quite a bit higher than the average sold price in 2015, which was $129,550.
Peoria's Median Sales Price
The median sales price for homes in Peoria has reached a record high of $116,950, surpassing the previous years' median sales prices of $106,216 in 2021 and $108,022 in 2020. When compared to the average median sales price between 2015 and 2020, which was $103,417, the current median sales price is more than 13% higher than that average. The highest median sales price in that period was $108,022 in 20120, which is higher than the current median sales price. However, the median sales price has cooled down lately as of now.
Average Days on the Market for Peoria
The speed at which homes are selling in Peoria in 2022 is breaking records, with the average number of days on the market before a sale being just 25. This is a significant improvement compared to the previous years: 40 days on the market in 2021 and 69 days on the market in 2020. When compared to the average number of days a home was on the market between 2015 and 2019, which was 81.6 days, the current average is significantly lower by more than 75%.
Median DOM for Peoria Homes
The median number of days a home is on the market before selling in 2022 has reached an all-time low, with a median of 7 days. This is a drastic improvement compared to the previous years: 15 median days on the market in 2021 and 36 median days on the market in 2020. When compared to the average median days on the market for homes between 2015 and 2019, which was 49.6 days, the current median is significantly lower by more than 85%. What's more, The median days on the market in November 2022 were even lower than this, only 6 days.
Average Number of Properties for Sale in Peoria
In December of 2022, there was an average of 242 homes for sale in Peoria. In 2021, there were 244, and there were 423 in 2020.
The average number of homes for sale in December between 2015 and 2019 was 776. The peak was in 2016 when there were 809 homes for sale.
Supply vs. Demand - Peoria Absorption Rate
Peoria is still in a solid seller's real estate market. Anytime there are three months or less of inventory, it is considered a seller's market. This means that if no other listings were added to the market, it would take less than 3 months to exhaust the inventory.
Peoria Illinois is still a strong seller's market. The inventory is very low, meaning there is more demand than homes for sale. This drives up prices and lowers the time it takes to sell your home. There have been fewer home sales in 2022 than in the previous two years, only because the number of homes listed for sale dropped 38% from last year and 40% from 2020.
If you have been considering selling your Peoria property or home this is a great time to sell.