The Peoria Area Association of Realtors is reporting its most successful year since 2007. Home sales for the tri-county area increased more than six and half percent year to year. 5,479 homes sold last year.
The average home sale price was more than $145,000. Becky Peterson is the President of the Peoria Area Association of Realtor. She says the housing inventory is also well positioned for buyers and sellers.
“We do have a wide range of prices, which will fit what anybody’s....what they are looking for. If you’re looking for something in $400,000 range we have it. If you’re a first time home buyer and you need something around $100,000 we have it,” Peterson said.
Peterson says despite uncertainty in the state’s fiscal health and the recent movement by the fed, interest rates for a 30-year fixed mortgage can still be locked in below 4 percent. She says that makes for strong buyer’s and seller’s markets.
Peterson says interest rates remain low and it can cost less to own a home than rent. That's a promising indication the housing market remains strong for buyers and sellers in Peoria, Tazewell and Woodford Counties.