PEORIA, Ill. — The number of homes for sale in the Peoria area reached a record low in the first quarter of this year, down 12.2% from a year ago.
According to the Peoria Area Association of Realtors, the number of homes for sale in this last quarter was just over 560 — almost half as many as were available in the first quarter of 2021.
PAAR President Ryan Cannon said, “What we need is those people in their starter houses now that they bought five or six years ago, to upgrade.”
He says that means the market is in dire need of more homes in the $200,000 to $400,000 range for those earlier first-time home buyers to upgrade to.
At the time, the homes that are for sale in and around Peoria are only now staying on the market for an average of 47 days.
That’s compared to 77 days for the same period in 2021.
The latest U.S. Home Affordability Report found Peoria is still one of the most affordable places to find a median-priced home, requiring just 10 percent of average local wages.
The national average is 26 percent of local wages to afford a median-priced home.
“I think the message is clear; If you have a property to sell, now is still the time,” Cannon said.
