Tracey Velt's Market Report
Peoria, IL
Single-Family Homes
HW Wire | Editorial Director | tracey@hwmedia.com | 407-716-0498
Peoria, IL
Sun Sep 15 2024
This week the median list price for Peoria, IL is $109,900 with the market action index hovering around 46. This is less than last month's market action index of 48. Inventory has increased to 187.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
Market Narrative
Market conditions have been consistently cooling in the past several weeks. Because we’re still in the Seller’s zone, prices have not yet begun to drop. It may take a few more weeks of slack demand for prices to reflect and begin to fall. Expect prices to fall if the index persistently falls to the Buyer’s zone.
Real-Time Market Profile
| Median List Price | $109,900 | |
| Median Price of New Listings | $114,000 | |
| Per Square Foot | $78 | |
| Average Days on Market | 66 | |
| Median Days on Market | 28 | |
| Price Decreased | 45% | |
| Price Increased | 4% | |
| Relisted | 35% | |
| Inventory | 187 | |
| Median Rent | ||
| Market Action | 46 | |
| Strong Seller's Market | ||
Price trends continued their recent uptrend this week. While still below the market’s price high-point, we’ve seen a nice run recently.
Market Segments
Each segment below represents approximately 25% of the market ordered by price.
| Median Price | Sq. Ft. | Lot Size | Beds | Bath | Age | New | Absorbed | DOM |
|---|---|---|---|---|---|---|---|---|
| $337,400 | 3,152 | 0.25 - 0.5 acre | 4 | 3 | 54 | 5 | 5 | 35 |
| $149,900 | 1,688 | 0.25 - 0.5 acre | 3 | 2 | 71 | 11 | 7 | 28 |
| $89,900 | 1,297 | 4,500 - 6,500 sqft | 3 | 1 | 94 | 7 | 4 | 35 |
| $45,000 | 972 | 4,500 - 6,500 sqft | 2 | 1 | 96 | 6 | 3 | 21 |