
Understanding the Real Estate Market in Peoria
Peoria, a city located in Central Illinois, is a great place to invest in real estate. The city has a population of over 110,000 people and is known for its excellent schools, low crime rates, and affordable housing. In this article, we will explore the Peoria real estate market and provide valuable insights for real estate investors, homeowners, first-time home buyers, and real estate agents.
Peoria Real Estate Market Overview
The Peoria real estate market is currently experiencing a seller’s market. This means that there are more buyers than there are homes available for Sale. As a result, home prices have been steadily increasing over the past few years. According to Zillow, the median home value in Peoria is $120,000, which is an increase of 5.6% from the previous year.
One of the reasons why the Peoria real estate market is so attractive to investors is because of the city’s strong rental market. The average rent for a one-bedroom apartment in Peoria is $650 per month, while the average rent for a two-bedroom apartment is $800 per month. This makes Peoria an excellent place to invest in rental properties.
Peoria Real Estate Market Trends
The Peoria real estate market has been steadily growing over the past few years. According to the Peoria Area Association of Realtors, there were 1,052 homes sold in Peoria in 2020, which is an increase of 5.5% from the previous year. Additionally, the average days on the market for homes in Peoria is 45 days, which is a decrease of 10.0% from the previous year.
One of the reasons why the Peoria real estate market is growing is because of the city’s strong economy. Peoria is home to several major employers, including Caterpillar Inc., OSF Healthcare, and Bradley University. These employers provide stable jobs and attract new residents to the area.
Peoria Real Estate Market Forecast
The Peoria real estate market is expected to continue growing over the next few years. According to Zillow, home values in Peoria are expected to increase by 4.6% over the next year. Additionally, the Peoria Area Association of Realtors predicts that home sales will continue to increase in 2021.
FAQs
Q: What is the median home value in Peoria?
A: The median home value in Peoria is $120,000.
Q: Is Peoria a good place to invest in rental properties?
A: Yes, Peoria has a strong rental market and is an excellent place to invest in rental properties.
Q: What is the average rent for a one-bedroom apartment in Peoria?
A: The average rent for a one-bedroom apartment in Peoria is $650 per month.
Conclusion
In conclusion, the Peoria real estate market is a great place to invest in real estate. The city’s strong economy, affordable housing, and strong rental market make it an attractive option for real estate investors, homeowners, first-time home buyers, and real estate agents. With home values expected to continue increasing over the next few years, now is a great time to invest in the Peoria real estate market.