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Peoria area real estate market remains strong despite pandemic

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PEORIA (WEEK) -- Even with the ongoing pandemic affecting many industries throughout the country, the real estate market in the great Peoria area is on the rise.

Third quarter home sales were up 28% compared to 2019, with 2,210 closed sales compared to 1,724, the Peoria Area Association of Realtors.

With sales up, however, the number of available homes on the market is down by close to 40%, the PAAR also reported Friday.

The pending sales for the third quarter are also up year-to-date from the past two years' first three quarters by 18.2%. The month of September was up 49% from September 2019, showing a good indication that 4th quarter 2020 may also bring good news.

The association is citing low interest rates that are increasing the number of buyers and giving them more purchasing power.

"The Peoria Housing market remains busier than ever with a decrease in listings, we need inventory now more than ever. It is certainly a historic market and if there's an interest in selling your home, now is a great time", said PAAR President Jason Catton.

According to data provided by the association, Peoria County sales are up 34% with 1,069 homes sold in the third quarter.

Tazewell County saw a 19.8% increase with 678 sales and Woodford County is up 15.6% with 126 homes sold.

West Peoria saw the largest increase of the municipalities with a 170% jump in sales, from 10 in 2019 to 27 in 2020.

With homes going faster on the market, the average sales price for homes in the greater Peoria area is up from $140,260 to $151,881, or 8.3%.

Days on market also fell to just 60 days, making Q3 of 2020 the lowest of any quarter in years.

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