PEORIA, Ill. – The housing market in Peoria has positives and negatives after the halfway point of 2023.
Peoria Area Association of Realtors Secretary and Treasurer Keith McKeever joined WMBD’s “Greg and Dan” to discuss where the market stands after the second quarter of the year.
McKeever says those who sell their home are getting more money for it.
“Look back at 2021, second quarter of 2021, the average sell price was $154,000. 2022 it was $168,000. And 2023, it’s $184,000,” McKeever said.
McKeever says inventory is still low in the area, however, due to people taking advantage of favorable interest rates.
“One of the biggest factors you could point to is we were kinda spoiled for a couple years with very low interest rates. We have to look where we’re at now, of course, rates can vary where you’re at. I think it’s important to look at perspective,” McKeever said.
McKeever notes that interest rates in the area are averaging 6%.
