PEORIA, Ill. — Fewer houses sold in Peoria this year and prices are on the rise. According to the Illinois Realtors Association, sales are down 8% but prices are up 4%.
President of Peoria Area Association of Realtors Kendra Sipes says availability is the problem.
“Inventory is down so currently pending sales are down,” said Sipes.
Sipes says despite the recent lull, she’s confident the real estate business will bounce back.
“We’re very optimistic towards everything happening in the downtown in the warehouse district, new construction both residential and commercial, in Peoria Heights, everything OSF is doing,” Sipes said.
The new construction is expected to bring in more jobs.
“With business growth bring families and bring housing needs, housing and families coming to local areas support local business, sales tax, and revenues so if we can really focus on the business aspect the rest will follow,” said Sipes.