The Peoria area housing market remained stable in the first quarter.
The Peoria Area Association of Realtors says the median home sale price was up slightly compared with the first quarter of 2017. Meanwhile, the average home sale price in Greater Peoria rose 3.3 percent to $140,929.
Mary Ann Ladendorf is the president of the Peoria Area Association of Realtors. She says there is an upward trend in younger buyers entering the housing market. “The strongest segment of homes was between $125,000 and $175,000. And that’s our millennials getting out there in the market. We’ve got some wonderful first time home buyer programs that really help them get from renting to buying.”
Ladendorf says the luxury home market, those houses priced $400,000 and above, continue to experience strong sales supported by Caterpillar relocation incentives. But she says some luxury home sellers are incurring steep losses.
Ladendorf says there were 220 fewer homes on the market at the end of March compared to the same time last year, making it a good time to sell. March ended with 2,629 houses for sale in the Peoria region.
Ladendorf also expects the Peoria housing market to remain positive for the foreseeable future into the spring and summer months.