City of Peoria, Market Trend Report, Peoria

Peoria, IL Real Estate Market Update February 2019

By Scott Rodgers | February 11, 2019

Let's take a look at the Peoria IL Real Estate Market trends over the past six months. This report consists of properties that are located in Peoria High School District. It includes all residential properties including single family and single family attached properties but does not include lots.

Peoria IL homes for sale

There are currently (02/03/2019) ​716 properties for sale. The average days on market is ​136​ and the median days on market is ​102 days. The average list price is​ $147,850 and the median asking price is ​$115,400​.

​Current Pendings

​There are ​108 properties that are pending, meaning that they have already accepted offers but have not yet closed. The pending ratio is ​13​% (​108 divided by ​716).

Peoria homes that sold within the past 6 months

​There have been ​856 properties that have sold and closed within the last six months. The average original asking price was ​$216,662 and the ​​final asking price (after price reductions) was ​$120,217. The average sales price was $114,441 so the final list price to sales price ratio was ​95%. The median original asking price was ​$109,900 and the final median asking price was ​$99,900. The median sale price was $96,250 so the final median asking price to sales price ration was ​96%​.

The average days on market for sold properties was 80 days and the median days on market for sold properties was 50 days.

Peoria homes that did not sell

​There were ​682 ​​​homes that were listed for sale that came off of the market without selling. Listings may fail to sell for many reasons such as being priced too high, having been inadequately marketed, the property was in poor condition, or perhaps the owner had second thoughts about selling at this particular time.

​Market Absorption Rate

​Analysis of the absorption rate for all properties in ​Peoria​ indicates an inventory of ​5.0 months based on the last 6 months of sales. This estimate is often used to determine how long it would take to sell off the current inventory of properties if all conditions remained the same. It is significant to mention that this estimate does not take into consideration any additional properties that will come onto the market in the future.​

Peoria - Supply vs Demand

​If there’s a one, two or three months’ supply of homes on the market, the demand exceeds the inventory so it’s considered a seller’s market. If there is a four or five-month supply of homes on the market, it's a balanced market. If there’s a six-month supply or more on the market, it's a buyer’s market.

Active Listings

716

Average Asking Price

$147,850

Median Asking Price

$115,400

Average Sold Price

$114,441

Median Sold Price

$96,250

​Peoria Real Estate Market Summary Table

February Peoria, IL Real Estate Market Summary Table

Additional information about the ​Peoria Real Estate Market

Would you like more information on the ​Peoria Real Estate Market? Check out our simple to read five-page reports that are packed full of charts, graphs, spreadsheets, and commentary.

If you are looking to buy or sell a home in the ​Peoria area, we would love to hear from you. Call us at (309) 693-1133 or Contact us here.

Written by Scott Rodgerson February 11, 2019
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