PEORIA, Ill. (WMBD) — The Peoria Area Association of REALTORS released the third quarter Peoria home numbers Friday.
Bill McCarthy, PAAR President, said the low inventory of homes remains an issue in Peoria, which has led to an 8.5% decrease in sales in the third quarter.
“It all comes back to low inventory,” said McCarthy. “Since COVID, we’ve seen a lack of inventory, a fact which drives home prices up.”
There were 1,663 homes sold in the third quarter of this year, which is down from 1,817 sold in the third quarter of 2022, PAAR said.
Just like many other things this year, the sale price of homes has gone up in the third quarter of the year as well. Homes sold this quarter have averaged $188,521, compared to 2022 when the average home sold in the third quarter was $168,334.
“Houses are still selling but buyers need to realize they’ll have to pay more. Of course, when they sell their present home, they’ll get more, too,” McCarthy said.
Due to the short supply of homes on the market, McCarthy said buyers have to act quickly. They must act quickly because once a home is on the market, there’s not much to choose from.
McCarthy said Peoria’s housing issues mirror a national inventory shortage. He said the National Association of Realtors reported a 15.4% decrease in home sales in September compared to the same time in 2022.