Area home sales were down 3.8 percent in the third quarter compared to the same period last year. PAAR statistics indicated that 1,536 homes were sold in the Peoria area in July, August and September compared to 1,597 homes in the third quarter of 2023.
Three thousand, nine hundred and fifty-seven (3,957) homes have been sold so far in 2024. That represents a 6 percent decline from the 4,208 homes sold in the first nine months of 2023.
The third quarter also marked an upturn for the area’s housing inventory which had dropped to historic low levels in recent months.
The number of homes for sale in the third quarter this year was 689, a 21.7 percent increase over homes on the market in the third quarter of 2023. The average sale price of homes sold to date in 2024 was $186,115 compared to $177,445 over the same period in 2023.
“Buyers have a wider selection of homes and are in a stronger position to negotiate terms including price and contingencies,” said Hilton. Home values are up year over year, and we anticipate the rate of increase to continue, just at a slower pace, she said.
"More sellers are entering the market with increased confidence about not only selling their home but being able to find their next home and being able to get reasonable interest rates,” Hilton said.
Despite having a larger selection of homes to consider, there’s still pent-up demand among central Illinois consumers, said Hilton. “Buyers are still eager to purchase homes, especially with the lowering of interest rates,” she said.
A home that is properly priced and prepared still sells quickly, Hilton noted. The average number of days a home spent on the market over the first nine months of 2024 was 28 days, compared to 33 days in 2023 for the same period.
“Historically, there’s a seasonal slowdown in the fourth quarter,” said Hilton. “But if interest rates continue to drop, more buyers will be entering the market and able to purchase. That means that more sellers could also be entering the market,” she said.
Hilton offered several tips to sellers. “List your home in the first part of the fourth quarter to attract buyers before the holidays. Listen to your professional REALTOR to price strategically for the current market,” she said.
“Enhance curb appeal and stage your home so that buyers can envision themselves and their family living there,” said Hilton. “Be prepared to negotiate, respond to all offers, and consider all concessions submitted with offers," she said.
