Peoria Real Estate: Price Drops, Quick Sales

According to data analysis from Realtor.com, the average home price in Peoria County was $149,925 in August, which is 3.3% lower than the previous month ($155,000). Compared to August 2022, the average home price decreased by 0.9% to $154,950. The average home size in Peoria County was 1,566 square feet, with a price per square foot of $95. The price per square foot of homes listed for sale increased by 5.5% compared to August 2022.

Homes in the Peoria area sold quickly compared to the national average in August, with a median selling time of 36 days. The previous month, this figure was 37 days. In August, around 240 new listings for homes hit the market, which is 11.8% less than in August 2022 (272 new listings).

The average home prices listed on Realtor.com may not include many or even most homes on the market. The price and volume reflect only single-family homes, condos, or townhouses.

To obtain information about the local housing market, as well as other useful data about the community, you can visit the website data.pjstar.com. Throughout the Peoria area, the average home price has decreased to $162,445, slightly lower compared to the previous month. The average home size was 1,692 square feet, priced at $97 per square foot.

In Illinois, the average home price was $329,250, which is slightly lower than in July. The average size of a home in Illinois was 1,761 square feet, with a price of $181 per square foot.

Across the United States, the average home price was $435,450, which is slightly lower than the previous month. The average American home listed for sale had an area of 1,907 square feet, with a price of $223 per square foot.

The average home price used in this report represents the midpoint of all homes or units listed for sale over a specific period. Experts say that the average figure provides a more accurate picture of what is happening in the market than the average price, which means summing all sale prices and then dividing by the number of homes sold. The average price can be distorted by one particularly low or high price.