Home Real Estate Peoria real estate market: inventory down, sales up

Peoria real estate market: inventory down, sales up

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PEORIA, Ill. (WMBD) — The Peoria Area Association of Realtors is reporting a 14% increase in home sales through the first nine months of 2021 compared to last year, even though there are fewer homes for sale.

Ryan Cannon, president of PAAR, said there has been a 40% drop in inventory compared to this time last year, but closings are up from 4,400 in 2020 to 5,800 in 2021.

“The American Dream is alive again. I think people want to own homes again. I think that pre-pandemic maybe it wasn’t as important and wanted to be a little more fluid,” he said.

Cannon said there has been an influx of buyers from California and Arizona to the Peoria area, who are looking to capitalize on equity to buy a second home – without the sticker shock.

“The cost of living is just less. I think people appreciate that and I think our region has a lot to offer,” he said.

Calling it a “Zoom-town philosophy,” he said many are looking to live…

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