Peoria-area home sales make history in 2021
PEORIA (25 NEWS) - For the first time ever, Peoria-area home sales were above $1 billion.
The Peoria Area Association of REALTORS said 7,634 homes were sold in the Peoria area during 2021, which topped the 2020 total of 6,798 homes sold.
Homes sold last year totaled more than $1.1 billion, which topped the billion-dollar mark for the first time in PAAR history.
The average price for homes sold in the Peoria region in 2021 was $154,338, compared to $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.”
Cannon said the average time a home was on the market last year was 49 days, compared to an average of 89 days in 2020.
While looking ahead to a strong year in 2022, Cannon said the number of homes on the market would be 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,” he said.
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