PEORIA, Ill. (WMBD) — The Peoria area real estate market is cooling off, making for a less frantic market for buyers.
The Peoria Area Association of Realtors (PAAR) reported a 15% decline in Peoria area home sales for the second quarter of 2022.
“It’s a good market for sellers and it’s a less frenzied market for buyers. They’re having a little bit more time to look at properties and pick the one they want. Properties are going under contracts in 10 days and not in 45 minutes like they were 6 months ago,” said PAAR President Ryan Cannon.
Cannon said despite rising home prices, inflation and mortgage rates, Peoria is still very affordable.
“We still have a very affordable market. I think you’re seeing price reductions on some prices because they were testing the market at a higher price… overall properties are selling in record time,” he said.
Cannon said the average home in Peoria is $168,000, compared with the national average of $400,00.
He said Peoria’s affordability is drawing out-of-state buyers to the River City.
“They can afford to live here, they can put their roots in, they can work anywhere…So you’re seeing a lot of people come to Central Illinois…It’s great to see and it’s exciting and I think it’s refreshing to have people come from all over the country are just like, ‘I can afford to live here.’ They’re leaving Philadelphia, Los Angeles,” said Cannon.
Cannon warned sellers, that despite rising prices, it’s not the time to overprice their homes.
“It’s not a time to test the market. I think it’s important to price your property right and have it in the best condition it can be in,” he said.
Cannon had tips for buyers trying to navigate the market.
“If it’s priced right its going to sell quickly. If its priced wrong, offer them what you think it’s worth and hope that it sticks,” he said.