City of Peoria, Market Trend Report, Peoria

Peoria IL Real Estate Market Update June 2019 – Rodgers Real Estate

By Scott Rodgers | June 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 Real Estate - Homes for Sale

There are currently (06/02/2019) ​801 properties for sale. The average days on market is ​120​ and the median days on market is ​65 days. The average list price is​ $161,409 and the median asking price is ​$129,900​.

​Current Pendings

​There are ​142 properties that are pending, meaning that they have already accepted offers but have not yet closed. The pending ratio is ​15​% (​142 divided by ​801).

Peoria homes that sold within the past 6 months

​There have been ​750 properties that have sold and closed within the last six months. The average original asking price was ​$125,311 and the ​​final asking price (after price reductions) was ​$119,054. The average sales price was $112,790 so the final list price to sales price ratio was ​95%. The median original asking price was ​$109,250 and the final median asking price was ​$99,900. The median sale price was $94,950 so the final median asking price to sales price ration was ​95%​.

The average days on market for sold properties was 81 days and the median days on market for sold properties was 48 days.

Peoria homes that did not sell

​There were ​541 ​​​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 ​6.4 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.

Active Listings

801

Average Asking Price

$161,409

Median Asking Price

$129,900

Average Sold Price

$112,790

Median Sold Price

$94,950

​Peoria Real Estate Market Summary Table

Peoria IL Real Estate Market Summary Table June 2019
Peoria IL real estate

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.

Written by Scott Rodgerson June 11, 2019
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