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, IL. It includes all residential properties including single family and single family attached properties but does not include lots.
Peoria IL Real Estate - Homes for Sale
There are currently (02/02/2020) 624 properties for sale. The average days on market is 140 and the median days on market is 107 days. The average list price is $143,321 and the median asking price is $100,000.
There are 98 properties that are pending, meaning that they have already accepted offers but have not yet closed. The pending ratio is 14% (98 divided by 624).
Peoria homes that sold within the past 6 months
There have been 795 properties that have sold and closed within the last six months. The average original asking price was $125,399 and the final asking price (after price reductions) was $116,741. The average sales price was $111,251 so the final list price to sales price ratio was 95%. The median original asking price was $112,900 and the final median asking price was $100,000. The median sale price was $96,000 so the final median asking price to sales price ration was 96%.
The average days on market for sold properties was 81 days and the median days on market for sold properties was 46 days.
Peoria homes that did not sell
There were 582 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 4.7 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 IL Real Estate - 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.
Average Asking Price$143,321
Median Asking Price$100,000
Average Sold Price$111,251
Median Sold Price$96,000
Peoria Real Estate Market Summary Table
Additional information about the Peoria IL Real Estate Market
Would you like more information on the Peoria IL 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.