PEORIA, Ill. — 2021 was a record-breaking year for home sales in the Peoria area.
The Peoria Area Association of Realtors (PAAR) said 7,634 homes were sold locally last year, topping the 2020 total of 6,798 homes sold.
In 2021, homes sold in the Peoria area 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 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, sellers didn’t have to wait long to sell their homes in 2021. The average time on the market last year was 49 days, compared to 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,” Cannon said, adding that prospective buyers should make sure they’re pre-approved with a lender.
“Essentially, we have been in a seller’s market for two years solid now,” Cannon said.
Homes are selling quickly across Illinois, Cannon noted, citing the number of days on market decreased 37% in Illinois from 2020.
Looking ahead to 2022, Cannon expects it to be a strong year, with the number of homes on the market being 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,” Cannon said.
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