Peoria Area Association of Realtors

The residential real estate market in Greater Peoria is on a slight rebound after a tough first quarter.

The president of the Peoria Area Association of Realtors says recent trends suggest home sales are starting to rebound after a sluggish first quarter.

Peoria area home sales dipped nearly 5% in 2024, and signs point to some of the biggest challenges in the market to continue into the new year.

Existing home sales in the Peoria market were down more than 7% through the first two quarters of 2024, but closings in July increased slightly over last year.

The Peoria Area Association of Realtors [PAAR] reports a 6.4% drop in first-quarter sales compared to a year ago, with 997 closings.

The Peoria Area Association of Realtors (PAAR) credits last year's nearly 12.8% drop-off to high interest rates and an ongoing shortage in inventory.

Home sales in the Peoria area remain on a downward trajectory amid rising interest rates and fewer properties on the market.

When the wrecking ball is gone, the land will remain. The possibilities are generating a lot of conversation, or more specifically, roundtable discussions.

First-quarter home sales in the Greater Peoria area are down 8.3% from the same time last year, and a lack of supply continues to be the main reason.

Although home sales in the Peoria area for 2022 fell sharply from the previous year, the market continues to thrive.