Peoria-area Home Sales Total $1.1 Billion for 2021
January 13, 2022 PEORIA, IL- The year 2021 was another record-breaking year for home sales in the Peoria area.
The Peoria Area Association of REALTORS® reported that 7,634 homes were sold in the Peoria area last year, topping the 2020 total of 6,798 homes sold.
In 2021, homes sold totaled over $1.1 billion, topping the billion-dollar mark for the first time in PAAR history. The average sale price for homes sold in the Peoria region last year was $154,338, up from $147,380 in 2020.
"I believe we are in for an equally strong year in 2022", said PAAR President Ryan Cannon. "Inventory is still remarkably low. I believe that first-time home buyers are still driving this market and will continue into this year."
Due to low inventory, homes didn't remain on the market for long in 2021, said Cannon. The average time a home was on the market last year was 49 days, compared to an average of 89 days in 2020.
"Fewer days on market tells buyers that when a home is listed, they don't have a great deal of time to write an offer before their options change," he said, adding that prospective buyers should make sure to be pre-approved with a lender.
"What the fewer days on market tells sellers is that they should have a plan in place prior to listing. The likelihood their property will sell quickly is high right now if priced properly for condition and location," said Cannon.
"Essentially, we have been in a seller's market for two solid years now," he said.
"With historically low inventory, if you have a property to sell now is a good time to reach out to your REALTOR® to work on a plan. Given the low inventory, buyers are being more flexible with allowing sellers to somewhat direct the timeline on closing," said Cannon.
"We saw an 11 percent jump in sales price from 2019 to 2020 and a 4.7 percent increase from 2020 to 2021. With interest rates likely to slowly increase in 2022, every month you wait to purchase in 2022 will change your buying power," he said.
Homes are selling quickly across Illinois, noted Cannon, citing the number of days on market decreased 37 percent in Illinois from 2020.
While looking ahead to a strong year in 2022, Cannon said the number of homes on the market would be a critical factor. "I do anticipate sales statistics for 2022 may appear to be down slightly from 2021 but I believe that will be driven by even less inventory," he said.