Peoria, IL Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Peoria, IL Housing Market Trends

With a population of 110,417, 46,123 total housing units (homes and apartments), and a median house value of $125,357, house prices in Peoria are solidly below the national average.

Single-family detached homes are the single most common housing type in Peoria, accounting for 64.32% of the city's housing units. Other types of housing that are prevalent in Peoria include large apartment complexes or high rise apartments ( 25.55%), duplexes, homes converted to apartments or other small apartment buildings ( 6.46%), and a few row houses and other attached homes ( 3.22%).

People in Peoria primarily live in small (one, two or no bedroom) single-family detached homes. Peoria has a mixture of owner-occupied and renter-occupied housing.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Peoria's housing was primarily built during this period, from the '40s through the '60s. A full 34.38% of the city's housing hails from this era. Other housing ages represented in Peoria include homes built between 1970-1999 ( 29.30%) and housing constructed before 1939 ( 24.27%). There's also some housing in Peoria built between 2000 and later ( 12.06%).

Vacant housing appears to be an issue in Peoria. Fully 14.40% of the housing stock is classified as vacant. Left unchecked, vacant Peoria homes and apartments can be a drag on the real estate market, holding Peoria real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Peoria Home Appreciation Rates

Homes have actually lost value in Peoria over the last then years, as home values have seen a decline of 2.45% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Peoria home appreciation rates at -0.10%, which equates to an annual appreciation rate of -0.25%.

Over the last year, Peoria appreciation rates have trailed the rest of the nation. In the last twelve months, Peoria's appreciation rate has been 1.63%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Peoria were at -0.10%, which equates to an annual appreciation rate of -0.25%.

Notably, Peoria's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Illinois, our data show that Peoria's latest annual appreciation rate is lower than 80% of the other cities and towns in Illinois.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Peoria differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Peoria - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Peoria real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$125,357

Peoria, IL HOME PRICES

> $1,020,000
0.3%
0.3%
$765,001 - $1,020,000
0.3%
0.3%
$510,001 - $765,000
1.4%
1.4%
$408,001 - $510,000
1.4%
1.4%
$306,001 - $408,000
4.3%
4.3%
$204,001 - $306,000
11.0%
11.0%
$102,001 - $204,000
36.2%
36.2%
$51,001 - $102,000
26.1%
26.1%
$0 - $51,000
18.9%
18.9%
0.0% 100.0%
% OF HOMES
Value Relative To State

Low for Nation

Low for IL

Value Relative To Nation

Number Of Homes And Apartments:
46,123

Peoria Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
10.99% 0.49%
1
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,043 / per month

Homeownership Rate

Owners
53.9%
53.9%
Renters
46.1%
46.1%
Vacant
14.4%
14.4%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
12.1%
12.1%
1970 - 1999
29.3%
29.3%
1940 - 1969
34.4%
34.4%
1939 or Older
24.3%
24.3%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
64.3%
64.3%
Townhomes
3.2%
3.2%
Small Apt. Buildings
6.5%
6.5%
Apt. Complexes
25.6%
25.6%
Mobile Homes
0.4%
0.4%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.8%
2.8%
1 Bedroom
15.2%
15.2%
2 Bedrooms
31.2%
31.2%
3 Bedrooms
32.4%
32.4%
4 Bedrooms
14.3%
14.3%
5 or more bedrooms
4.3%
4.3%
0.0% 100.0%
% OF HOMES