PEORIA, Il. - A new study shows that Peoria has one of the worst real estate markets in the country.
According to the WalletHub report, Peoria's rankings were far away from Frisco, Texas, which took the number one spot overall and the number one spot on the affordability and economic environment ranking.
As mortgage rates rise and affordability declines, WalletHub has ranked the 300 best real estate markets nationwide. The River City, however, ranks near the bottom at 297th.
“With caterpillar leaving you saw a hit to the high end market,” ReMax Realtor Ryan Cannon said.
For those in the area, Cannon said the market is competitive and sellers should remain patient if their house isn’t selling.
“Not everything happens instantaneously, sometimes you just need to understand that you have an interesting property and that takes a little longer to sell on average time on market,” Cannon explained.
The rankings were based on housing market attractiveness, economic strength and 22 other factors including foreclosure rates and job growth. Cannon said families looking to buy now have a good selection to choose from.
“The community is strong,” Cannon said. “Our year over year statistics are good, pending sales are up, our sold homes are up and our average prices are up."
Compared to last year the number of houses sold in the area rose 17 percent in July. Cannon said he believes the numbers will continue to rise throughout the city.
“It’s a great community," he said. "People are invested in this community and people want to be here if social media and other avenues have given rise to pick it apart but I think if you walk down the street on any given day people are going to be happy to live in Peoria.”
To see the full report, click Here.
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